A conference in Fort Lauderdale in February sounded extremely attractive when I booked it.  The freezing weather in the last few weeks made it even more attractive.  The conference and beach both exceeded my expectations. 

I used a ride share app as my transportation back to the airport. Our designated route was blocked due to construction. The driver manually navigated around it and found an opening. Thinking we were in the clear, the driver approached the intersection to make a left-hand turn. My recollection was that it was a bit of a slow rolling stop and not a firm pause. As we moved into our left-hand turn, I glanced to the right noticing all the construction was now behind us. When I turned my head to the left, there was a gentleman on a motorcycle quickly approaching. Blue jeans, blue button-down short sleeve shirt unbuttoned, white t-shirt underneath, sunglasses and white hair – no helmet. I yelled out something unhelpful to the driver – “oh my god.” The driver quickly saw the incoming motorcyclist and hit the gas, narrowly bypassing the entire accident. The motorcyclist clipped the driver side rear bumper and fell on the road. The good news is the motorcyclist was not going that fast, which made the accident a much smaller scale. He did not hit his head and despite some road rash, was able to walk away and kindly wait with us for the authorities to arrive.

We discuss death scenarios with our clients all day long. Life is unpredictable and we all should be prepared.  Dustin wrote a fantastic essay this month that I want everyone to read.  (Why Estate Planning is a Vital Component of Your Financial Health) It’s all about preparing for moments when something bad does happen.  Most importantly, you want to make those preparations while you have a clear mind and heart.  I assure you, my minor little accident had my adrenalin pumping.  Not the time for me to make decisions on money.  You also want to make your preparations before any mental decline or physical ailment takes hold.

It’s worth pointing out, had it been a busy street or bigger oncoming vehicle, I do have a plan in place when my life ends.  Personally, my wife and children will have access to our savings and investments.  We have life insurance to pay off the mortgage, childcare and college.  We established a trust that would capture my federal estate tax exemption. A portion of our estate goes to our Donor Advised Fund to fund our favorite charities for generations.

We also have a plan in place to take care of you, our clients and friends.  Dustin Husarik and I have a formal agreement for him to keep the team together and own the practice.  As many of you know, we share the same philosophy and even sound the same on the phone!

When wealth management is done correctly, money outlives the human.  Since we are only interested in doing it correctly, let’s make a plan for how your money will be managed in a difficult scenario.

Wells Fargo Advisors Financial Network did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed. The opinions expressed in this report are those of the author(s) and are not necessarily those of Wells Fargo Advisors Financial Network or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Additional information is available upon request.

Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. Magnan Family Wealth Management is a separate entity from WFAFN.