Labor Day honors the American worker—the people who build our communities and keep our country moving. But as we enjoy the long weekend, there is an elephant in the room: for millions of families, every dollar matters now more than ever.
The cost of living has soared in ways we have not seen in decades. Food prices are up 23.6% since 2020, transportation 34.4%, and housing 23.0%. Rents are 36% higher than before the pandemic and rising faster than wages. Homebuyers face doubled mortgage rates, and the average new car payment has climbed to $742 per month. Add in new tariffs driving up consumer prices, and it is clear why so many families are struggling just to stay afloat.
This is not about numbers—it is about parents skipping meals, young adults moving back home, and retirees forced back to work. Which raises the question: how can you protect your family’s future in such uncertain times?
Why Planning Matters More in Tough Times
It is tempting to think estate planning is a luxury when money is tight. The truth is the opposite. Without a Life & Legacy Plan, your loved ones could face months or years in probate court, unable to access funds for basic needs. Court fees and administrative costs can eat up 5–10% of your estate—or even more. For a family already under financial pressure, that loss can be devastating.
A strong plan ensures your loved ones have immediate access to what you have worked for. Whether it is through trusts, updated beneficiary designations, or strategies that stretch dollars further, Life & Legacy Planning keeps resources where they belong: with the people you love. And the less financial cushion you have, the more critical it becomes.
The Real Cost to Your Loved Ones
Consider this: Maria worked two jobs to support her three children after her divorce. Between her administrative work and weekend grocery shifts, she was barely keeping afloat even before inflation hit hard. She was in survival mode, working hard to support herself and her children each day. Estate planning felt like a luxury she could not afford, both in terms of time and money.
But Maria did have assets to protect: a small life insurance policy, a modest retirement account, and emergency savings. More importantly, she had three minor children who would need care both physically and financially if she died before they became adults.
Maria ended up dying in a tragic car accident, at which point her family discovered the harsh reality of not having a plan. Her life insurance was unavailable because she had never updated beneficiary designations after her divorce—it still listed her disappeared ex-husband. Her children ended up in temporary foster care because family members could not afford to raised them and their own kids at the same time.
By the time the legal dust settled eighteen months later, attorney fees and court costs had consumed 40% of what Maria had worked so hard to save. Her children inherited a mess instead of their mother’s gift of financial stability.
Now consider this: If Maria had worked with me to create a Life & Legacy Plan, not only would we have created a plan that saved her assets for her children rather than going towards court costs, but I would have also helped her review her beneficiary designations for her accounts, further protecting those assets for her kids. Her children would not have ended up in foster care because I would have recommended her on how to provide financial support so her chosen guardians had the financial resources to raise her children. And, because I have systems in place to make the planning process easy and efficient, I would have helped her get her planning done even though she was busy working two jobs and raising three children.
It appears that the economic challenges we are facing are not going away soon. But by working with me to create your Life & Legacy Plan, you can ensure that today’s financial pressures do not compound into tomorrow’s devastating problems.
Act Today
This Labor Day, honor your hard work by protecting the fruits of your labor. The current financial reality facing many families – yours – means that now is the perfect time to plan. Your family deserves to inherit your love and care, not legal complications, and unnecessary expenses.
As a Personal Family Lawyer® Firm, I help you create a Life & Legacy Plan that protects both your wealth and your relationships. My process starts with a Life & Legacy Planning® Session, where we will discuss your economic reality, your family dynamics, your concerns, and your goals for your loved ones’ future. From there, we will create a Life & Legacy Plan that works when you and your loved ones need it to.
This article is a service of Jason R. Breit, Esq., P.C., a Personal Family Lawyer Firm. We do not just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That is why we offer a Life & Legacy Planning Session, during which you will be more organized than you have ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session.
This content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer firms, a source believed to be providing correct information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own, separate from this educational material.
