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FEB
16
Planning For Life's Big Events

At some point in our lives, we will all face an event that will affect our current lifestyle, sometimes for the good, sometimes not. The common thread in these events is not only do they have an emotional side, but they can also carry a financial consequence that can impact our lives, whether it be positive or negative.

Some of these events are expected and we can plan for them: retirement through savings, death with life insurance and estate planning, and health concerns by purchasing insurance coverage.

 What about the events you wouldn't think to plan for: divorce, or, on the positive side, winning the lottery or an unexpected inheritance.

If you are lucky enough to work with a trusted advisor, with whom you have discussed the "what if" scenarios, you probably have a "Plan B" on the sidelines.

Considering a "worst-case" situation can help spot weaknesses in your "A Plan" and help give you confidence and put you in a stronger position as you deal with the emotional and financial impacts of the unexpected life changing event.

Unfortunately, many people do not plan, or feel that a "back of the envelope" agenda is all the planning that is needed. When an event occurs, the reaction is quite often to freeze and take no action out of fear of making the wrong move; or to seek advice from sympathetic, well-meaning friends or relatives who have no experience with the situation you are facing.

Whether you are preparing for or confronted with an unexpected event, there are some things you should consider to help you get through and get your life back.

         1.  How will I be affected?  Will it improve or worsen my financial status?  Will I
              be able to maintain my current lifestyle?  Will I need to adjust long-term plans?
              Am I able to tackle this on my own, or should I seek help?

         2.  Set priorities and timelines for completion.  Decide what are the most
              immediate issues that you need to complete.  Is there paperwork to complete? 
              Property to deal with, people to contact, or decisions to make?  Don't allow
              tasks or requirements to drag out.  Set a date to complete tasks and stick to
              your schedule.

         3.  Don't go it alone.  The stress that comes with a life changing event can be
              overwhelming.  Working with an advisor can bring in expertise that your
              friends and relatives cannot provide.  The advisor you choose must be right
              for you; someone who will take time to listen to your concerns, and adheres to
              a fiduciary standard by acting in your best interest.


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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.

The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal advisor.

LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.

Securities offered through LPL Financial, member FINRA/SIPC.  Investment Advice offered through Mike Bonacorsi, LLC, a Registered Investment Advisor and separate entity from LPL Financial.



This communication is strictly intended for individuals residing in the state(s) of CA, DC, FL, GA, IN, ME, MA, NH, NJ, NM, NC, PA, VT and VA. No offers may be made or accepted from any resident outside the specific states referenced.
 


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