Hello there! My focus for this newsletter actually stems from the tragic passing of one of my Muay Thai kickboxing instructors (and a nurse to boot) named Lisa Margaritis. Lisa drowned tragically at the age of 48 and is survived by her husband and 15-year old son. It is eerie seeing someone on Tuesday and losing them that Friday-especially someone so young and full of life. Anyway, she always greeted me with a smile, gave me a big hug, and was a beautiful soul.
Here are my planning takeaways from this horrific incident as I think Lisa would appreciate it.
- If someone is dependent on your income, purchase a life insurance policy.
- If you have an existing life insurance policy, review its health by asking for an in-force illustration.
- Make sure your beneficiary designations on IRA’s, 401k’s, 403’s, and life insurance policies are up-to-date.
- Ensure you have all your core estate planning documents including a will, power of attorney, and health care proxy.
- If you have young children, ensure you have guardianship provision language in your will.
- Have 3 to 6 months of your living expenses safely kept in a checking/savings account for emergencies.
- Cherish every day as a blessing as well as your loved ones.