ST. CROIX INSIGHTS

The moment your dreams change when it comes to your children

BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC

Today I’m sitting in the pediatric section at HealthEast’s Woodwinds Clinic. So many new born babies with their moms…so much hope for their future…so many dreams and expectations for what the future holds for them. Whether its being a ballerina or Eagle Scout, playing little league baseball or becoming the next gold medal Olympic gymnast – every parent has dreams for their children. You know exactly what I’m describing. You’ve had the same dreams and visions as I’ve had with my children.

Sometimes life throws us curveballs and it’s nothing we have envisioned. So now what? What does this mean for you and your family? What does this mean for your financial plan? As one of my clients described it, it’s like you go through a grieving process on the vision laid out for your children and family and have to get to a point and accept that it isn’t going to happen that way before moving on.

Things happen to all of us. In my house we call it gum drops and lollipops. However, sometimes things hit way too close to home. Not everything is simple when it comes to our lives.

Being prepared emotionally is critical although I’m not best person to talk about that. These topics create fear and uncertainty and most of us are embarrassed to discuss these with those around us. We worry about what others think or what they’ll say. I’d suggest so many others are walking in your shoes right know and you don’t even know it.

We need to stop being afraid of what others think…that’s the same advice I give my kids. True friends are not going to judge you, rather they’d try to help you or just listen. As parents we need to be prepared for side-steps we may need to take. Sometimes it can throw a wrench into your financial planning no matter how well you’ve planned.

Being prepared for what the future holds isn’t always easy. What happens if your child requires continual care, isn’t able to be gainfully employed due to a disability, has a major illness, etc. Sometimes instead of planning retirement for one or two people, you may need to plan for three or more. Wow, as I write this, I can feel the overwhelming feelings others I meet with must feel. Yet, when it comes to your family and financial planning, it’s not possible to address every issue you could face. Without having critical conversations about what your future holds, you carry unnecessary burdens and financial stress.

The combination of all this isn’t easy for parents to handle on their own. Have a team who can help. This could include a health care professionals, estate attorney, financial advisor, lawyer who specializes in Medicare and Medicaid planning, family and friends. If you are facing a personal situation you’d like someone to lend an ear to, please let me know.

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