The Most Important Thing I Packed for Cooperstown Didn’t Fit in My Suitcase
A family vacation can change in an instant. Read why one real-life story reinforced the importance of having an estate plan before you travel.
I recently returned from what every baseball dad dreams about. Coaching my son’s 12U team in Cooperstown.
For someone who loves baseball as much as I do, there truly is no place like it. Walking through the National Baseball Hall of Fame, coaching my son’s team, and making memories with my own family was an experience I’ll never forget. If I’m being honest, I probably could have spent two full days wandering through the Hall of Fame alone.
As we made the long drive home, I couldn’t help but reflect on a story that someone recently shared with me through my estate planning practice. We’ll call him “Mark.”
Mark and his family of four had taken a trip to a baseball tournament, just like so many families do every weekend throughout the summer. Just like we were doing. They enjoyed the tournament, packed up the car, and started the drive home.
Then, in an instant, everything changed.
Their vehicle was struck from behind by a truck while stopped in traffic on their way home. Almost the entire family had to be transported to the hospital with significant injuries. Mark suffered the worst of them. He remained in a coma for months.
Thankfully, Mark survived.
Now recovered, he told me something that has stayed with me ever since.
He had no estate plan.
No financial power of attorney, healthcare power of attorney, living trust, or will. Nothing.
His family suddenly found themselves facing incredibly difficult medical decisions and financial uncertainty during one of the most traumatic times of their lives.
As a police officer, I have unfortunately seen similar situations play out more times than I care to remember. Serious crashes, unexpected illnesses, workplace accidents. Unfortunately, it happens. Life has a way of reminding us that tomorrow is never guaranteed.
To say Mark regretted not having his affairs in order would be an understatement.
His experience became the wake-up call that finally motivated him to put a comprehensive estate plan in place. My hope in sharing his story is that it doesn’t take a near tragedy for someone else to do the same.
Preparing for Vacation? Don’t Forget Your Estate Plan
Not long ago, I wrote that estate planning is about love, not money.
It’s why I am so passionate about the service we provide our clients at Tuohy Law Offices.
Yes, estate planning determines where your assets go someday. But more importantly, it protects the people you love during some of life’s most difficult moments. It allows someone you trust to make financial decisions if you cannot. Your loved ones get the authority to speak with doctors and make healthcare decisions when you’re unable to do so yourself. A comprehensive estate plan provides direction when everything else feels uncertain.
Summer is vacation season. Families are packing suitcases, making hotel reservations, checking passports, and planning every stop along the way. As you prepare for your next trip, take a moment to ask yourself one simple question:
If something unexpected happened tomorrow, would my family know exactly what to do?
I enjoyed every inning, every memory, and every moment in Cooperstown knowing my family was protected. That peace of mind didn’t fit inside a suitcase, but it was one of the most valuable things I brought with me.
Don’t leave your family’s future to chance.
If you’ve been putting off creating or updating your estate plan, we’d be honored to help. Take the step now to protect your family’s future. Wherever life takes you.
Your Living Trust
At the end of your life or if you become incapacitated, your real estate, financial accounts, firearms, and other assets held in your name may need to go through probate.
- A Will is filed in probate court. The rule is that no one can legally sign on your behalf. Therefore, all assets in your name are subject to probate, which averages 18 months and is costly.
- A Living Trust completely avoids probate. An AB Living Trust protects up to $8 million of an Illinois estate from Illinois estate taxes.
- Your financial accounts, life insurance policies, and deferred compensation accounts can name your Living Trust as the beneficiary, subject to essential tax considerations.
- A Living Trust estate plan includes Health Care and Financial Power of Attorney documents. It also includes a Last Will and Testament. A Will is necessary for the guardianship of minor children and for transferring assets in your name out of probate.
Contact us today for further information, or visit Tuohy Law Offices now.
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This blog entry is for information and planning purposes. Therefore, it is not legal advice. Please do not use this blog as a substitute for legal advice, which depends on specific facts and laws in a particular jurisdiction. No reader of this blog should act or refrain from acting based on any information included in or accessible through this blog without first seeking appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the reader’s state, country, or other appropriate licensing jurisdiction.
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