You just never knowSubmitted by Financial Planning Solutions, LLC on June 21st, 2018
Many of you know of the program I oversee and help run through Dana Farber Cancer Institute. It is a pro bono financial coaching program for patients that are struggling financially due to the complexities a cancer diagnosis can bring to a family.
I was personally helping such a family when bad turned to worse.
The patient, who appeared to being doing pretty well when we first met well over a year ago, was not doing so well the last time we met a couple of months ago.
I got to know Bob* over our various meetings, emails, and calls. It was crystal clear that this man wanted to make sure, as best he could, that his family would be okay financially. He was a good man, a great dad, and a loving husband.
The unfortunate thing, financially speaking, was that Bob didn't have the option to take care of a few things that were too late to do once he was diagnosed. Things like making sure there was enough life insurance to cover the shortage of savings an early demise brings.
When one dies at 90, there is time to save (assuming you have a good solid financial plan). However, when one passes away in there early 50's, it is more difficult. Raising a young family in the Boston area is expensive. There are many conflicting expenses tugging at us and we need to prioritize and have a plan. Without a plan, disaster is lurking around the corner.
It brought me back to my own dad's passing over 35 years ago when he was 53. He didn't have a formal plan like many people that age. There is always time to plan right?
No. There isn't always time to plan. Do it today. Give us a call. We are here to help.
*Not his real name
To good health!
All the best.
Rick Fingerman, CFP®, CDFA®, CCPS®
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