Published by Beth Schanou, Director of Wealth and Estate Planning
Does it ever feel like time gets away from you? For those with kids, life goes from the blur of taking care of an infant where there is no separation of day and night, days become weeks and, before you know it, a first birthday celebration is on the horizon. Soon thereafter, school is beginning followed by sports and activities further filling up the calendar. And the milestones continue with thoughts that you cannot believe your child is really that old; where have the years gone?!
Many people go through their usual daily routine and find it takes all of their time and energy just to keep up with life’s demands, never mind actions needed to proactively impact their future in a positive way. With so much to manage in the short-term, it can be tough to have a long-term perspective.
The our firm Management Wealth Enhancement Team helps our clients keep a long-term perspective. We focus on long-term goals and planning as well as consider risks that could happen tomorrow or years into the future with potential to negatively impact your financial security. Planning can address retirement, life insurance, disability insurance, long term care insurance, estate planning, estate tax planning and other tax planning strategies. Plans need to be implemented in advance for the best opportunity for a good outcome.
Some events such as retirement and death can seem so far into the future or even unimaginable and lead you to believe there is plenty of time to think about retirement and estate planning later. When it comes to risk management, you can be overcome with what’s called Optimism Bias where it is believed you will be healthier than average, not require any long term care, or overestimate your life span. [i]
Often the unexpected does happen. While you cannot plan for every possible contingency, occasionally you need to take a step back from life’s daily commitments and consider your long term future to give you and your family the best chance for long term success.