What is your Plan B?

In our practice and through the financial planning process we explore different scenarios and events which could, and one day most likely will, impact your life.  Death, disability, long-term care, unexpected expenses, the list can be long. We work on solving for these unknowns which is what ultimately becomes your Plan B, even if you didn’t know you had one. We also occasionally work through resistance on our clients’ part to face these potential unforeseen and unpleasant events.  We work hard to bridge this resistance because we have seen what happens when there is no Plan B in place.

Over the past 12 months we have had 6 families dramatically impacted by the unexpected, where we needed to deploy their unique Plan B.  Here at TenBridge we work with 154 families.  That means, a little under 4% of our families had the unexpected happen in the past 12 months. It is not unusual.

It might be planning for aging in place. What is your plan and how does it work in practice, not just theory?  It might be sudden and unexpected death or disability. What will you do if you can’t work to support your family or if someone dies? What happens to the survivors?

When we have Plan B, it can be comforting to know money will not be an issue when we are already dealing with the emotional and spiritual fall out.  We have had the pleasure of saying to our clients, “everything will be okay, just worry about you and your family and when you are ready, we will talk about the money”.

On the flip side, we have known people who did not have Plan B and it is not as smooth, secure, and painless as having a plan.  Often the pain is shouldered by those we love.  We can leave behind a final legacy of struggle and suffering because we didn’t complete or create a viable and sound Plan B.

We know these are unpleasant thoughts and often people want to avoid them. Nonetheless, it is crucial to have these conversations. The good news is we are experts working through these topics and very experienced having the conversation. We can guide you or others you know through the process and make sure you have your Plan B in place if disaster strikes.

One of our main jobs as your financial planning team is to identify and eliminate black holes. In other words, creating your Plan B. If you feel there is any uncertainty when asking the question, “What is my Plan B?” then let’s talk about it. Don’t wait until tomorrow to address it; tomorrow may never come. Putting off until tomorrow what can be done today almost never nets out a good outcome.

Your financial plan is Plan A and when we create a solid Plan B, we only see positives for our clients.  It gives us the greatest satisfaction and pride knowing you have it in place.

It seems every time we meet with a potential new client, they almost never have a Plan B.  If you have friends or loved ones that say they work with a financial planner, but don’t have a solid workable Plan B, run them straight to us without hesitation.  They need us, whether they know it or not.

It is our pleasure to be of service. Please remember our door is always open.  Next time we meet, let’s put Plan B at the top of the agenda.

From the desk of Erik Lawrence CFP®

The information contained in this correspondence is intended for general educational purposes only and as a means for facilitating a conversation.  Please consider our door always open to discuss your particular situation and how this information might benefit you and fit your specific needs.