“Thought for the Day” #673 – by Stephen R. Elville, J.D., LL.M.

February 25, 2016

Is rapid change now the status quo?  Regardless of preference, we are undoubtedly living in a world where rapid change affects us on a constant basis.  This means that from a financial and legal perspective, individuals and families may suddenly find themselves in various states of transition.  These stages or states of transition may come in the form of changes in family dynamics, age, health, costs of long-term care, the death of a loved one, loss of job, or other life event.  To best deal with these uncertainties, think in terms of the following:  (1) accept that rapid and constant change is now the status quo in our  lives, (2) plan accordingly through a close alliance with your planning team – CPA, financial advisor, and estate planning attorney; and (3) build a significant amount of flexibility into your planning to deal with inevitable change.