Gone Too Soon
I grew up on Sycamore Lane in Napoleon. Chad grew up down the street and we did a lot together. Chad’s dad Steve was a constant fixture along the way. I loved Steve. He was a great mentor and friend, an adult I looked up to and confided in.
The local newspaper called me “JR” and Steve continued the nickname long after others had forgotten about it. He played baseball with us in the yard. While playing H-O-R-S-E in the driveway, he taught me the “cigarette shot” which, as far as I can tell, was simply a really long basketball shot using the underhand style. He took me to my first NASCAR race in the Irish Hills of Michigan. He loved Westerns and championed the first war movies I would see – Hamburger Hill and Platoon… And he left us too soon… Corie called me at work one day in 2001. Chad had called the house. Steve was found dead on the back porch. He was 51.
Fast forward to last Tuesday morning. 7:15 am and Corie and I were watching the sun come up in Florida. At 7:20 am I got a text from Brian. Brian, Dave and I talk and text at all hours of the day and night about how to help our clients, the market, and all things Madeira. So when I got a text at 7:20 am, it wasn’t totally unexpected. Except, it was….. “It’s been a very sad and awful night. Chris Flanagan unexpectedly passed away last night”. WHAT? Chris Flanagan was gone at 50. Chris was the principal at the Elementary School. Chris was Brian’s neighbor. And two of Chris’ daughters Maggie and Molly played on my basketball team.
Chris touched many, many lives in Madeira. Google “Chris Flanagan Madeira” and you will see all kinds of stories about Chris and imprint he made on people.
My “Chris story” goes like this: A couple years back, when Maggie was on the girls basketball team, we played Norwood in the regular season. They wiped us out. We drew them again in the tournament. My staff drew up a bold plan and we worked on it all week: 1) Slow the game to a crawl; 2) Force their two best players left; 3) Break the press every time. It worked. We lulled Norwood to sleep and beat a better team. That night, Corie and I were at a bowling party. Chris came up to me and was ecstatic to replay the game. His energy and compliments felt amazing. He was fascinated how our point guard stood 30’ from the basket and held the ball until Norwood came out to guard her. He was amazed how we took away their best players’ strong hand. And he was stunned how the tone and tenor of the game changed as we took control of the tempo. He wanted to know what we did in practice. And he was curious how we got the girls to buy-in to the plan. I will never forget the conversation. I walked away impressed by how much he internalized the human side of what we had done. More importantly, he made me feel good. If he could make me feel good, imagine his impact on our elementary school students!
Death is a hard topic to talk about. The finality is horrible. And in this case, a father leaves behind a wife and 4 children under the age of 22. Brian and several others are helping Danielle piece together a financial plan for the future amidst the grief.
These events remind me of how uncertain this world is. And they remind of how important planning is. So while this isn’t a comprehensive list by any stretch, here are some thoughts of plans to have in place….
If anyone is dependent on you, assess how much life insurance you have and how much you may need.
For every investment account, make sure you have beneficiaries named. This ensures the account transfers directly to the beneficiary without going through the courts (probate).
If you retain any stock certificates, make sure they are titled properly to avoid legal difficulties if the owner were to pass unexpectedly.
Make sure your will is up-to-date with clear instructions. This ensures the probate process runs smoothly and passes assets (e.g. houses, cars, etc.) to your heirs as you wish.
Have “powers of attorney” in place - health care and financial.
Have an written inventory of assets and liabililities to aid an heir in working through your financial balance sheet.
If you have any doubts of your preparedness on any of these fronts, give us a call. We either can help you directly or partner with our legal friends to help you. I’m going to end this month’s newsletter here. I will post a separate market commentary in a couple weeks. In the meantime, hug your loved ones and let them know how much you love ‘em. Many of us are gone too soon.
Jared
Planning Pays Dividends
Brian Kellett, brian@kellettschaffner.com. Phone 513-312-6067
Dave Bodnar, david@kellettschaffner.com. Phone 513-258-6973
Jared Kline, jared@kellettschaffner.com. Phone 513-768-2238
Kellett Wealth Advisors LLC is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Kellett Wealth Advisors LLC and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Kellett Wealth Advisors LLC unless a client service agreement is in place.