Labor Day is a time to honor the American worker – the people whose efforts build our communities, support our families, and power our economy. But this year, as we celebrate, there’s a reality we can’t ignore: for millions of families, every dollar matters more than ever.
With rising costs for housing, food, and transportation, it’s harder for families to make ends meet. That’s exactly why protecting your hard-earned money through proper estate planning is not just important – it’s essential.
Let’s look at why planning now matters more than ever and how Life & Legacy Planning ensures that the people you love are protected, no matter the economic climate.
The Rising Cost of Living
The numbers tell the story most families already feel every day. According to the Bureau of Labor Statistics:
- Food prices rose more than 23% between 2020 and 2024.
- Transportation costs jumped 34%.
- Housing costs increased 23%, with rents up nearly 36% since 2019.
- Mortgage rates, once below 3% during COVID, more than doubled to above 6%.
- New car prices climbed 22%, with the average monthly payment now at a record $742.
These aren’t just statistics. They represent real sacrifices – parents skipping meals so their kids can eat, retirees returning to work, and young adults moving back home because rent is too high.
With so much pressure on family budgets, planning ahead to protect what you already have is more important than ever.
Why Estate Planning Matters Even More Now
When money is tight, estate planning can feel like something to put off. But that thinking is risky—and costly.
Without a plan, your family could face:
- Probate delays — Assets could be tied up in court for months or even years.
- High court and legal fees — These can eat up 5–10% or more of your estate.
- Lost access to resources — Your loved ones may be unable to pay bills, medical costs, or even keep the family home while waiting for the courts.
When families are already stretched financially, these challenges can be devastating. Proper planning ensures that every dollar you’ve worked for goes directly to the people you love, instead of being lost to unnecessary costs.
The Story of Maria: A Hard Lesson
Take Maria’s story as an example.
Maria worked two jobs to support her three kids after her divorce. She didn’t think she had the time or money for estate planning. But she did have assets worth protecting: a small life insurance policy, retirement savings, and, most importantly, her three children.
When Maria died suddenly in a car accident, her family discovered the consequences of not having a plan:
- Her life insurance still named her ex-husband as the beneficiary.
- Her children were placed in foster care because relatives couldn’t afford to care for them.
- By the time the court process ended 18 months later, nearly 40% of her estate had been consumed by legal fees.
Her children didn’t inherit financial security – they inherited confusion, loss, and hardship.
If Maria had created a Life & Legacy Plan, things would have been different. Her beneficiary designations would have been updated. Her children would have had the guardians she chose, with the financial support they needed. And her modest assets would have been preserved for her kids instead of drained by the courts.
Protecting What You’ve Worked For
The truth is this: the less financial cushion your family has, the more important estate planning becomes.
With a Life & Legacy Plan, I help you:
- Ensure your loved ones have immediate access to money when they need it most.
- Protect assets from creditors and unnecessary taxes.
- Provide for children or loved ones with special needs without jeopardizing benefits.
- Keep your plan updated so it always reflects your current life and finances.
Estate planning is not a luxury – it’s one of the most important steps you can take to protect your family’s stability and peace of mind.
Take Action This Labor Day
This Labor Day, while we celebrate the value of hard work, let’s also protect the fruits of that labor.
Don’t let rising costs and uncertainty make things harder for your loved ones in the future. By creating a Life & Legacy Plan, you ensure your family inherits not just your assets, but your love, care, and thoughtful planning.
Your work matters. Your family matters. And making sure they’re cared for – financially and emotionally – matters most of all.
At Cheever Law, we don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love, starting with a valuable and educational Life & Legacy Planning Session. This will allow you to get more financially organized and make the best choices for the people you love. If you have already completed your estate plan, we will review that plan at your Life & Legacy Planning Session to ensure that it will work the way you intend and address any holes or gaps that may be present if circumstances have changed since you executed your plan.
To learn more about our one-of-a-kind systems and services, contact us or schedule a no-obligation 15-minute introductory phone call today.