Grief’s Impact on Life
Grief doesn’t stop at the office door—losing a loved one affects concentration, energy and emotional health, making it hard to perform at work while mourning.
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Grief doesn’t stop at the office door—losing a loved one affects concentration, energy and emotional health, making it hard to perform at work while mourning.
Sharing our memories and traditions with our loved ones one of the most important, and rewarding, ways of leaving behind a rich legacy. For most Christian churches in the West, this is Holy Week, the most sacred week of the year that culminates in the celebration of Christ’s Resurrection on Easter. One of my family’s Holy Week traditions is to host a Seder meal, which is a ritualized retelling of the Passover story. The rich, symbolic tradition of the meal stretches back in different forms for thousands of years, connecting us to a deep well of memory and meaning. It is one of my wife’s favorite events of the year, and she makes a point of inviting new families so they can, in turn, share the tradition with others. This year we had four other families with us, which made it an especially joyful occasion. My children each have their own favorite parts, whether it is watching Charlton Heston in The Ten Commandments (an annual preparation tradition), asking “The Four Questions,” singing the songs, or sharing foods we don’t eat at any other time. One of the themes of the Seder is the importance of memory and tradition. God commanded the Israelites to teach their children the story so they would never forget how God freed their people from slavery. Each generation must teach the next so that the story will never be lost. As I think about my own family, it is easy to think of examples of people and events that will be forgotten if I do not take the time to tell and re-tell the stories. There is something important about the repetition, practicing the habit even if we think we already know it. Every year there’s a point during the preparation where I think, “Life is busy, do we need to do this again?” And every year when we’ve done it I think, “That is so important, we need to do it again next year.” Listening to clients share their family stories and history is one of the most rewarding parts of estate planning. I often wonder if my client’s families have heard all the stories that have been shared with us. Teaching the next generation by sharing our stories of faith and our family traditions is one of the most rewarding ways to pass on our legacies. It gives the next generation a grounding for when they encounter something hard in their lives. When I gather with my family for Easter this year, I will be thinking about the stories I should be passing on to them. I’m willing to bet there are a few stories each of us can tell, or re-tell, to those closest to us.
Deciding how to transfer your home to loved ones requires careful planning to minimize taxes, avoid probate and protect your family’s financial future.
The recently passed fiscal year 2025 budget for the State of Maryland includes a range of tax increases and policy decisions, but it appears that Maryland’s state’s inheritance and estate tax laws remain unchanged.
Once you’ve celebrated your 50th birthday, you may choose to work every day for another 10 years or 20 years, or start to back off.
This won’t come as a big surprise: Dying makes you look at the world in a different way — the world of money included.
Selecting appropriate guardians will ensure that your minor children are cared for, if you pass away.
Retirees are dropping the ball over crucial legal documents.
If you are moving quickly to the end of your working life, be careful to avoid some of these retirement top regrets. Are you picturing your retirement? Without careful planning, those years might not live up to your plans, according to The Washington Post in “The top regrets of retirees.” Retirement expectations don’t always line up with reality. Global Atlantic conducted a study of retirees and found that many admitted to making mistakes in their retirement planning. The report was based on data from more than 4,200 retirees and pre-retirees in America. The company wanted to learn how expectations for retirement costs lined up with reality. The expectations often did not. The report said the risk of running out of money is real, noting that 39% of retirees said they had planning regrets. Here are the top reasons for regret: They found themselves relying too much on Social Security for income. They did not pay down debt before retiring. Many people today are retiring with a mortgage. It used to be common for people to pay off their mortgages before retiring, but it’s less common now. Failing to do so is a retirement top regret. Many retirees didn’t save enough. Most people didn’t start saving for retirement until they turned 31. Missing almost a decade in savings can make a massive difference over time. Let’s say an employee puts away $50 every time she gets a paycheck—twice a month—and puts the money into an account with a 6% annualized return. If she started saving at age 23, by retirement age, she’d have $227,150 in that account. If she waited to start saving until age 31, the account would be worth $128,578—$88,572 less. If she could save $100 per paycheck by retirement, she’d have $434,299 versus $257,156. The power of time and compounding makes a huge difference. Compounding is the process through which an asset’s earnings are reinvested to earn additional earnings over time. The more time your assets have to grow, the more compounded growth can occur. Age 31 seems relatively young to start thinking about retirement. However, by waiting that long, workers are missing out on almost a decade of savings, asset accumulation, and the associated potential of compound returns. The survey also revealed that women are more likely than men to have retirement planning regrets, with 62% of women having retirement regrets versus 47% of men. Reference: The Washington Post (Dec. 10, 2018) “The top regrets of retirees.”
These wills gone wild may be extreme examples of poor estate planning. However, experts explain how easily a will can go to the dogs.