What the Cavs Game 3 Loss Can Teach Us about Estate Planning

For those of you that don’t know, I’m a huge Cleveland sports fan. Although I was born in the Carolinas, I was raised in Cleveland (Chagrin Falls to be exact), and have been a huge fan of the Cavs, Browns, and Indians for as long as I can remember.

You could call me a glutton for punishment.

Yes, the Cavs won the NBA Championship last year, but as time goes on, it is starting to feel more and more like a blip on the screen of Cleveland sports.

Which brings me to the topic of today’s post – the Cavs meltdown last night against the Golden State Warriors. For those of you who did not see the game, the Cavs had led most of the second half, and seemed to have the game in hand.

With about three minutes to go, they held a 6 point lead.

But then they seemingly imploded. The Warriors closed out the game on an 11-0 run and won by 5.

What does a Basketball Game have to do with Estate Planning?

I can see you scratching your head right now. What in the world does a basketball game have to do with estate planning?

Honestly? Everything.

Hear me out.

Last night, the Cavs played their butts off. They played great for 45 minutes. They were hustling, playing great defense, getting loose balls, blocking shots, and hanging with one of the best teams in NBA history.

But then they blew it all in the last three minutes.

Compare how the Cavs played last night to your life.

You work hard. Perhaps you have built a business. You’ve done everything right. You support your family and have built a nice nest egg. To the outer world, you appear successful. And it’s not a mirage – you are successful.

But then tragedy strikes. You and/or your spouse are in an accident and rendered unconscious or worse, you are killed.

Although you have worked hard to provide for your family, you never planned for the unexpected. You never expected this scenario.

You don’t have an estate plan, and you certainly didn’t plan for what would happen to your business or your family if something happened to you.

Over time, the business shuts down with nobody left to run it. Your families’ house must be sold, but not before your family runs up huge legal bills getting a guardian appointed. All the assets you accumulated are spent down to pay medical and household bills.

And in the end, you have nothing to show for a lifetime of effort.

What Could Be Done to Avoid this Collapse?

It’s hard to say what the Cavs could have done differently to win last night’s game down the stretch. The make a couple of shots and the Warriors miss a couple and it’s a different outcome.

Fortunately, your life isn’t being played against a Golden State Warriors team that appears unstoppable in this year’s NBA Finals.

You do have options. You can purchase insurance (and should if you haven’t already). You can invest in an estate plan. You can name a Health Care and Financial Power of Attorney so that a guardianship becomes unnecessary.

Nobody thinks they will ever need an estate plan, but sooner or later (hopefully later), we will all walk out on life and our families.

What you leave behind, and the planning that you do or do not do can make all the difference for your loved ones.

Interested in Learning More about Estate Planning?

Feel free to call our office at 919-460-5422 to schedule a no-cost information gathering and planning session with an estate planning attorney to learn more about your options. Or, you can fill our online contact form by clicking here.