March Madness for Your Family: Plan for the Unexpected

March Madness is in full swing, and with it comes plenty of planning. Brackets are filled, upsets are predicted, and the thrill of buzzer-beaters fills the air. But just like those Cinderella teams can come out of nowhere, life throws curveballs too. Every good coach knows that to prepare and plan for the unexpected is the key to success. Don’t be caught unprepared when it comes to your family’s future. Take a page from the NCAA tournament and prepare for anything – with a solid Estate Plan, you’ll ensure your loved ones are never left wondering what’s next, even if the final score is unexpected.

Whether you are thinking about summer plans or working towards expanding your investments for the year, with the new year in full swing, March is a great time to plan for the unexpected to protect your family’s future. This is also the ideal time to do some Estate Planning. While you may not think there is a rush, there are many situations where families put off making big decisions too long.

To avoid that, set up a consultation with our Estate Planning Attorneys at The Siegel Law Group, P.A. to discuss your legacy and Estate Plans, goals and, most importantly, the methods available to mitigate the risks your family could face. We can help you create a solid strategy that alleviates some of the intense worry that typically goes hand-in-hand with this time of the year. 

Which Estate Planning Strategies Are You Using?

Estate Planning is not just for the wealthy or those with specific medical needs. For every person with a child or loved ones, specific goals and assets should be targeted to provide financial support when there is a need. Your Estate Plan should incorporate several strategies that help to reduce some of the financial burden if tragedy or unexpected circumstances occur. There is no simple strategy that works for everyone, but most people benefit from Estate Plans that include the following components. 

Life Insurance

The sooner you buy life insurance, the more protection it offers and the lower the cost is. If you wait to buy, you will still benefit from it, but the costs rise each year. Life insurance can provide a wealth of opportunities. It has a main purpose of providing a death benefit that your family can use to meet their financial obligations if you die unexpectedly while the policy is in place.

Life insurance can also produce income during your lifetime that you can incorporate into your retirement strategy. Some forms allow you to borrow against the policy to provide a better level of financial support in crisis situations. Life insurance can also be a tool you use to allocate assets to heirs after your death, allowing you to leave behind funds to meet specific needs.

Disability Insurance

No one expects their life to change suddenly, but it happens to thousands of people every day. A car accident, unexpected medical diagnosis or an injury that sidelines you for any length of time puts you at financial risk. Consider what could happen if you suddenly did not have income to meet your financial needs. Would you lose your home? Could you continue to meet other financial obligations?

With disability insurance, you gain some level of financial protection. Depending on the policy you select, it may help you reduce your financial loss for short periods of disability, such as being off work for a few weeks or longer periods of inability to work. Disability insurance can be a financial grace when unexpected events occur.

Emergency Preparedness to Plan for the Unexpected 

It is always wise to think about the risks you and your family face and create a plan to address them. A family emergency preparedness plan to prepare for the unexpected can be helpful in a number of ways.

• It creates a way to provide communication from one family member to the next when there is some type of worrisome event.
• It allows your family members to know how to handle emergency situations, like finding medical information to share with those who need it.
• Your plan should incorporate basic necessities, too, including clothing, water and food supplies to meet needs in case there is an event that limits access to them.
• Create a plan that outlines financial information, such as where to get cash for an emergency or where to tap into a credit card account when there is an unexpected need.
• Emergency preparedness plans should also include an emergency fund, which should be at least $1,000 put aside for an event. Over time, build this up to 3 to 6 months worth of salary.

These steps help to create a way for your family to know how to react when there is some type of risk that limits access to basic necessities.

Consider What Could Go Wrong

Often, as Estate Planning Attorneys, we spend a lot of time talking to our clients about what could happen to them, and it seems like “someone else’s problem” and not something that could happen to them. Yet, there are many risks you face on any given day that put you at risk of financial difficulty if you do not have a plan in place to mitigate them. Here are some examples:

• The company you work for suddenly shuts down.
• You are in a car accident.
• A family member becomes ill, and you need to be there to help them.
• You are diagnosed with a chronic condition that leaves you unable to work in a short period of time.
• It becomes necessary to take a period of time off to meet personal obligations.

These are just some individual situations, but disaster can happen to anyone on a much larger scale. If there is a financial sell off in the stock market, that could impact you. If your investment strategies turn the wrong way unexpectedly, that can lead to significant losses that you did not plan for.

Whether you’re a basketball fan or not, preparation is key to a successful future. Just like during March Madness, there is no way to know exactly what risks you face – but you can secure your family’s slam dunk of a future with Estate Planning today. There are strategies you can put into place now that can at least alleviate some of the financial risks you face as your life changes.

Plan For The Unexpected:
Call THE South Florida Estate Planning Attorneys – The Siegel Law Group, P.A.

The best way to prepare for the unexpected is to turn to professionals who can provide you with guidance and support. The more information and planning you have, the more prepared you are for what could happen, whether it occurs tomorrow or years down the line. 

Let our Estate Planning Attorneys provide you with the guidance and support you need now, without question. Call our office at (561) 955-8515(561) 955-8515 to schedule a complimentary consultation, or submit our online contact form to schedule a consultation today. If you have any questions, do not hesitate to contact us.