Whitepaper

Making the unexpected, expected

How to plan for death, divorce and other major life events – and why you need to start today

Sept. 18, 2023 · Authored by Kelly Baumbach, William Grady, Jeanette Musacchio, Randi A. Schuster, Laurie Price

You need to prepare in order to succeed in life. Having said that, many people don’t prepare. Or they don’t think about preparing until it is too late, especially as it relates to financial scenario planning for life events. Sudden events such as death, divorce, economic downturns or even a pandemic can have significant consequences on your personal, professional and financial lives.

So, what actions can you take now to ensure that you protect yourself, your family and/or your business?

First and foremost, you must start by shifting your mindset to be more proactive and less reactive. Everyone needs to prepare before it is too late. Simply put, we need to expect the unexpected.

Our Baker Tilly and Baker Tilly Wealth Management professionals recently lent their insight to create the e-book, “Making the unexpected, expected.” The e-book is an easy-to-understand guide that dives into how to plan for major life events ahead of time, and the steps you can be taking today to help both you and your loved ones tomorrow and beyond.

For a sneak peek at the contents of the e-book, read a snippet from the first section below.

Section one: The importance of preparation

A death that is unexpected – and unprepared for – can have major consequences on what happens to someone’s estate. Proper planning is often the difference between someone’s assets going to the people they love or to the government.

Estate plans are important for everyone to have (regardless of age or wealth). However, they can be more complex for people with significant affluence in the form of money, investments, businesses and other assets. The addition of valuable assets simply increases the importance of creating one’s estate plan and communicating its key details.

“Oftentimes, the spouse has no idea what the finances are, or how the bills get paid,” said Jeanette Musacchio. “They have no idea how much wealth they have, or if it’s even enough.”