How an unprecedented natural disaster affects families

The Financial Transition Effects of a disaster on a family

You can see the hurricane coming from wherever you are …it rises from somewhere offshore. In the distance, as the fog clears, giant waves appear. These waves are unstoppable, and survival becomes a serious question. 

Death of a family member who has suffered a long and often tortuous existence goes to hospice and people wait with dread for the inevitable. When the final moments come it is often met with silence before the final moment or frenzied activity. Children are actually now the adults and hopefully there is not much happening other than a gathering of farewell for the decedent.

Later, the dynamic of everything changes. Families can and do go over what remains, and venom can appear over an otherwise worthless object. “I wanted the turkey platter,” “But, momma wanted me to have it,” says another relative. Sometimes the object is jewelry, but it can be the turkey platter, a child’s rocking chair or the family pictures. It is amazing that pictures carry so much weight especially as they are the easiest item to duplicate.

Grief has many stages, and those stages often overlap or blend together. Sometimes a grieving individual can erupt with anger while a sibling cries in the same room. Life is messy and the end-of-life does not immediately clean up the residual mess left by the departed. 

How To Prepare for a Potential Financial Transition

With good planning and a little time, most of these things can be worked out easily. When you look for someone to help you with your finances, be sure they can and will help you find an estate attorney. Make a list of items you want to go to specific heirs and any cash gifts you would like to make. 

Don’t try to do everything at once. I encourage all of my clients to examine who gets the Martin guitar, who gets the keyboard, the ASCAP awards, the catalogue, the house, the farm and of course the animals. Plan for the end of life and live life with joy. Don’t get flattened by the hurricane, act before you have to. 

Death and taxes are probably the only certainties and there is a plan for those things.

If you have questions, don’t hesitate to reach out.