It’s been said the only two certainties in life are death and taxes.
The third certainty is that life will always present us with curveballs — unexpected events that may surprise us.
Although the timing of these events is unknown, we can take simple steps to prepare for them. Learning how to change a tire, for example, can help you when you’re stuck on the side of the road with a flat one.
Similarly, it’s important to prepare for life-changing events, such as health issues and divorce, that can affect your financial stability. As stewards of their family’s wealth, high net worth individuals should work with their tax and legal advisors to prepare for challenges that may come down the pike, says Sally Mullen, our Chief Fiduciary Officer.
“The reason that it’s important to plan for life’s curveballs now is that there are estate planning opportunities that may help ensure that you’ll have financial stability regardless of what happens, and help you ensure that you’ll be able to pass money down to your heirs and charities of your choice,” Mullen says.
U.S. Bank and U.S. Bancorp Investments, Inc. cannot provide tax and legal advice, but here are some tips that you may want to discuss with your advisors to manage your wealth amid some of life’s most common curveballs.
To help protect yourself against income loss during a potential debilitating injury or illness, you may want to consider disability insurance. Should you have a policy, it’s important to understand how the coverage works in the event you need to exercise benefits. Given each person’s unique situation, you could consult with one of our insurance affiliates who will help you better understand the benefits of your coverage.
A disability insurance policy may replace up to 65 percent of your annual income if you become disabled, says Carol Goetsch, Senior Group Product Manager for U.S. Bancorp Investments, Inc., an affiliate of U.S. Bank. A person with an annual salary of $300,000 might consider maintaining a policy in which he or she would receive a maximum benefit of $195,000, for instance.