Time is Finite

Now is a Good Time to Have Some Uncomfortable Conversations

"No one here gets out alive” – Jim Morrison

You are going to die someday.

There. I put it out there. For over the past two years as we have lived in the shadow of COVID, many of us have probably been thinking this or, more likely, trying not to think about it. But, as I always tell my clients, “My role is to tell you what you need to hear, not what you want to hear.”

Hopefully, your death will come after a long, fruitful life, preferably after the Texas Rangers finally win the World Series. Nevertheless, death must be confronted, whether it’s our own or that of a loved one.

So, to quote the Golden Rule of Business Continuity Planning – “Plan for the worst, hope for the best” – we should all be coming to terms with the worst-case scenario: What is going to happen if I or my loved one dies in the coming months?

Unfortunately, my immediate family has had to deal with the passing of loved ones (in both cases they were in their 80s and had long, fruitful lives) in the past couple of years. But in both situations, my family members saw the writing on the wall and had time to plan.

Right now is a good time for us all to plan. Don’t wait until you or your spouse/parent/child are in ICU before you start asking questions.

Recently to help out a family member whose in-law was near death, I compiled a list of questions to help the family with their own continuity planning. These questions can get in the weeds, but getting them answered can help ensure that a family can focus on bigger things than, for example, how to access a bank account or what bills need to be paid every month.

Here are some key topics and questions to ask:

Bank Accounts & Investments

• Get a complete listing of all bank records/investments and copies of most recent statements
• Is the surviving spouse named on the accounts? If not, get them added now.
• If one spouse is terminally ill, it would probably make most sense for an adult child to open a joint account with a surviving parent, and then transfer all funds from other accounts into the joint accounts.
• Compile a complete list of monthly expenses, scheduled bills, etc. Whose name are the utilities under? Contact the utilities to have the surviving spouse added to the accounts.
• What outstanding debt is there and what assets are available to service that debt?

Credit Cards

• Get a complete listing of all credit cards and copies of most recent statements.
• Is the surviving spouse named on the accounts? If not, get them added now or get them their own card for future needs.

Passwords/Safe Deposit Boxes

• Compile a complete (as possible) list of all login IDs and passwords to all websites the sick family member uses (e.g. banks, credit cards, insurance, and Social Security)
• Once you have access to these accounts, you may want to change the passwords to something you know and can control
• Any safe deposit boxes? If so, does the surviving spouse have access?

Social Security/Incomes

If the sick family member is getting SS:

• Does the surviving spouse get SS now for themselves? Have they ever filed?
• Look into the process to ensure the surviving spouse is set up for spousal benefits. You can learn more at the Social Security website.
• Any other income streams coming in? Annuities? IRAs? Make sure you have access to those accounts.

Insurance Policies

• Does the sick family member have any life insurance (or any other insurance policies) in place?
• Get a list and copies of the policies. Once you have polices, start looking at who is the beneficiary and how claims are made.

Property

• Is the surviving spouse on the note for the house, cars, etc.? If not, get them added now or ensure these are clearly stated in a will.

Will

• Does the sick family member have a will? If so, know where it is and get a copy.
• If there is no will, get one done ASAP. This will make things a lot easier on you and your family and save you a lot or aggravation and time dealing with probate court.
• Also think about financial and medical power of attorneys. The same attorney who prepares your will can assist with those documents.

Preferred Household Vendors

• Does the sick family member have a list of preferred household vendors (plumbers, electricians, etc.) that he or she relies on for services? If so, compile that list now.

Burial Plans

• Does the sick family member have burial or cremation plans and/or a plot selected and paid for in advance? Get a copy of the agreement so you know who to contact when the time comes.
• What are their wishes for a service?

Again, I know this can be hard topic to discuss with a loved one, but take the gift of time you have been given to think about those you love and how you can make their lives easier in the event of your passing.

It is my sincerest wish that neither you nor anybody you love will need this information anytime soon.

Et al....

As you may recall from my prior newsletters, I'm a fan of the MCU films and specifically watching them at the Alamo Drafthouse. Well in that spirit, my wife and I saw "Thor: Love and Thunder" over the weekend and I can tell you it didn't disappoint. This was the second Thor film directed by Taika Waititi and it has a lot of the common traits I enjoyed from his film "Thor: Ragnarok". Kind of odd seeing Christian Bale (aka Batman) as the bad guy, but of course he knocks it out of the park. Also, Natalie Portman's arms got seriously jacked - pretty impressive to say the least!

The movie is PG-13 so think twice before taking your young ones (mainly naked bums and some naughty innuendo), but it's a good time had by all. Also, stick around to the end of the credits since they give us two separate clips.

The Verdict is…

Pay for the good seats in a movie theater.?