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FINANCEAn importantlesson learnedduring thepandemicPreparednessBY PHILIP W. MALAKOFFProvides Peace of MindIt’s been about two years since the termspandemic, social distancing, mask-up,and coronavirus (just to name a few)have become part of our dailyvernacular. As a society we have learnedabout patience and resilience; as familymembers we have learned how to stay intouch from afar; as businesspeople we havelearned how to effectively and efficiently workremotely; but above all else we have learnedthat unfortunately anything can happen at anytime. The best safe guard against uncertaintyis being prepared – something we at First LongIsland Investors have been talking to clientsabout for nearly 40 years, especially when itcomes to their financial well-being.Many of our recent conversations havecentered around stories of people who becameill with COVID, and while most of the storieshave happy endings, some do not. As a wealthmanager and trusted advisor to our clients, wehave heard anecdotes of how the survivingpartner or family member was overwhelmedtrying to understand the family finances,including locating and accounting for all of theassets. The pandemic has reminded us that itis important to ensure that everything is inorder in the event that whomever serves as thefamily’s CFO cannot fulfill that role, even if onlytemporarily.Let’s start with the basics – do you have acurrent health care proxy, a power of attorney,and a will? These are documents that everyoneshould have, and they should reflect yourcurrent wishes. If you do not, a reputable trustand estates attorney can help you obtain and/or update these and ensure they meet yourneeds.Next, do you have a list of all of your bankingaccounts and investments as well as theinformation for how to access each (advisorcontact info or web site)? This list would serveas a way for your family to easily locate yourassets and should include bank accounts,brokerage accounts (taxable and retirement),partnership interests, private investments,pension plan, employee/executivecompensation, life insurance, etc. When wasthe last time you reviewed your beneficiaries?Every brokerage account and pension planallows you to designate a beneficiary. Youprobably completed the form when you firstopened the account, but it is also likely thatyour life has changed since then. If you gotmarried, had children, got divorced, or becamewidowed you should review your designationsand make sure they are as you intend.Good financial preparedness can put yourmind at ease all while serving as a way for youto review your current long-term asset plan.We recommend that all investors have an assetplan which includes an appropriate cashbuffer. A plan that can endure the unexpected,such as a pandemic. As a best practice, werecommend reviewing your financial assetsannually and making any necessary updates.Life changes and your finances need to changewith it, but your confidence and peace of mindnever needs to change. PPhilip W. Malakoff, Executive ManagingDirector at First Long Island Investors, LLC,a Long-Island based wealth managementfirm providing sound financial guidancefor nearly 40 years.
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AND FINALLY...Cartoon CornerBy Anth
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