Wealth Advisor says in its recent article, “Nothing To Lose: Shock McCain "No" Is Unmistakable Legacy Call,” that McCain has been handed a death sentence. But you know, sooner or later, that’ll happen to all of us. Understanding this can help us move our focus on estate planning and the time we have left.

Estate planning usually centers on the assumption that death will come as a shock, which can motivate young people to get their plans together. In those situations, an estate plan can be a disaster plan as well as a succession plan. However, for someone like John McCain, things are much more certain. Knowing about how much time you have left, can help you to prioritize the way you spend your remaining days.

Many encourage those with a terminal illness to take it easy, but that’s just practicing for the grave.

While frequently health fails fast, some have the energy to achieve their last personal and professional goals. Staying involved may extend your energy and your life. This is also the time to execute a succession plan, when you can still be in a consultative role and ensure a smooth transfer.

McCain can put his efforts into his office, because his family life is settled. He seems to be at peace with his children. In addition, his personal financial situation is settled. It’s his wife Cindy’s money. She’s the heiress. The Senator doesn’t need to chase last-minute arrangements the way many dying people do. He may have some personal ambitions left unfulfilled. Many people who receive a terminal diagnosis want to travel or start a foundation. That way they can be around to see their estate plan start becoming a reality.

Those who are truly sick individuals can spend down their assets more quickly, with confidence that their money won’t run out.

However, in general, retirement marks a statistical end in sight. It’s a time when many folks feel great and are ready to start the next chapter. It’s an opportune time to focus on what really matters to them.

It may be time for an adventure, a crusade or more a rewarding path that makes a difference in the world. However, it also makes financial sense. John McCain looks like he’s made his decision to go out as the maverick, and it appears he’s enjoying doing it.

Do you have questions about elder law or estate planning for you and your family, we host FREE educational workshops.  Just click here to reserve your spot on the day/time that works best for you and your family.

Jeffrey Bellomo, Esq.

 

Reference: Wealth Advisor (September 25, 2017) “Nothing To Lose: Shock McCain "No" Is Unmistakable Legacy Call”