Death and Taxes

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12/29/2003, 8:29 pm

“The only two certain things in life,” goes the cliche, “are death and taxes.”

Let’s get taxes out of the way quickly by acknowledging that the tax season is about to begin for most Americans. Get ready for it. Enough said.

And let’s focus briefly on the more important of life’s certainties: Death. It’s a sure thing and, unlike taxes, you can’t file for an extension.

It’s amazing how few fail to make any practical preparations for their death and its consequences for their family. I have friends with children who refuse to prepare a will (with whom will their children live?), don’t have life insurance (term insurance is the affordable choice), and who haven’t recorded any of the details related to their family finances (why add confusion to your family’s grief?).

It’s almost 2004 and it’s time to think about New Year’s resolutions.

Here’s one for you to consider: Make three practical preparations for your death.

1. Create a will
2. Buy life insurance to protect your family
3. Record all the financial details your family will need to know if you’re not around to take care of them.

Happy New Year … Live Long and Prosper!

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