For the month of March, my blogs will center on a key theme: what to do when the outcome is not what you expected. We know as well as any that outcomes can be both unexpectedly bad or unexpectedly good. However, for this post, I wanted to get the bad news of unexpected death or disability
out of the way.
Unexpected death or disability is certainly bad news. I know, because I’ve been there. Enough about me, though. I’ve also been there when it wasn’t about me — when it was about my clients and my friends. I’ve seen the results of unexpected death and disabilities firsthand and understand the havoc it wreaks, not just on surviving family members, but on a business too if the person affected was involved in running the business.
The most important step (and forgive my redundancy, but it’s true) is the planning element. The more prepared you are in the event something should happen, the better off you are when something does happen. Without the proper foundation, it is impossible to move up the pyramid of building wealth.
Certain foundation elements that come in to play when unexpected death or disabilities strike are:
- Disability insurance,
- Life insurance,
- Long term care insurance,
- Medical insurance,
- An estate plan, and also
- A large short-term savings account and protecting your assets.
Remember, the key to any wealth strategy is laying the proper foundation. Thoughts?