What if you had a heart attack? What if you had a stroke? What if you were involved in a fatal car crash? What if you had a serious cycling accident? What if you were suddenly incapacitated?

These “what if” questions are questions no one wants to ask or think about. These “what if” questions are questions that should naturally lead to a number of other important questions.

Would your family be prepared? Would your business be prepared?

Do you have a Living Will? Do you have a Medical Power of Attorney? Who is your Patient Advocate? Do you have Durable Power of Attorney? How long ago were these documents drafted? Have they been appropriately executed? Who knows where these documents are stored? Who has access to them? Are the individuals referenced in the documents aware of their intended role and responsibilities? Are they willing to fulfill their roles? Are they prepared to fulfill their roles? Have you made them aware of any specific wishes that you have? Who can help them in their time of need and transition?

What other financial, legal and operational arrangements have been made? Are your assets appropriately titled? Have your trusts been appropriately funded? Have your legal documents been appropriately executed? Do you have life insurance? How much? Do you have disability insurance? How much? Is it enough? Are your family members aware of these arrangements? If not, who will tell them? How will they react when they find out?

Does your family have a listing of your electronic accounts and respective passwords to gain access to your contacts, your email, your electronic financial records and other important electronic sites and applications?

Who do you consider to be your trusted advisor(s)? Your wealth advisor? Your estate attorney? Your life insurance consultant? Your trustee? Someone else? Does your family know them? Does your family trust them?

Do you have a succession plan for your business? Do you have a buy-sell agreement? Is it supported with a life insurance policy? Remember succession is not just about ownership. Who is going to run the business? Do they know of the plan? Do they want to be a part of the plan? Are they prepared to step in suddenly? Do they know your customers, suppliers, banker and key employees? Do your customers, suppliers, bankers and key employees know them? Who is available to help them?

Lastly, do you have an estate tax issue? If so, do you have a plan to fund any required payments?

These are all questions that are never comfortable to consider. However, there is always greater pain and stress if they are not addressed. Financial stress. Medical stress. Legal stress. Family stress. Business stress. Too often the answer to these questions is “I don’t know”. Do you know?

At Telemus, the foundation of our organization is based on a holistic approach to financial life management. We have the experience and resources to assist you in reviewing your plans and developing, implementing and supporting appropriate ongoing strategies to prepare you and your family for both anticipated AND unanticipated “What If” events .

Let us help you answer these important questions. Let’s start the discussion !

PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. This commentary is a matter of opinion and is for informational purposes only. It is not intended as investment advice and does not address or account for individual investor circumstances. Investment decisions should always be made based on the client's specific financial needs, goals and objectives, time horizon and risk tolerance. The statements contained herein are based solely upon the opinions of Telemus Capital, LLC. All opinions and views constitute our judgments as of the date of writing and are subject to change at any time without notice. Information was obtained from third party sources, which we believe to be reliable, but not guaranteed.

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