Regardless of your political affiliation, the election of Donald Trump is arguably the greatest upset in presidential election history. Nearly all the polls and pundits predicted Hillary Clinton would win in a landslide – and they were all wrong. Many people reacted to Trump’s shocking victory with outrage, including sometimes violent protests. Yet, other than creating news, nothing will change the outcome of the election. On January 20, 2017, Donald J. Trump will be sworn in as President of the United States.
In light of the inevitable title of “President Trump”, I think it’s best to remember that our country will endure regardless of who is president. Thanks to our constitutional system of government and the greatness of the American people, we have survived both good and lousy presidents. While some believe President-elect Trump will be worse than any previous president in history, many in the business community are optimistic about the prospect of changes in tax, regulation and trade policies. Time of course, will tell if President Trump can deliver on these matters. Since no one can predict the economic or political events that will define the Trump presidency, it’s silly to make such predictions. Rather, I recommend a more sober approach by focusing on what we can be certain of. Here are a few reminders:
- Death is inevitable. If you haven’t planned your estate, it’s time to do so. Whether you need a will or trust will depend upon your circumstances and preferences. As the election has reminded us, anything can happen, so do yourself and family a favor, stop procrastinating and plan your estate.
- Disability is possible. Few people can envision themselves as disabled. Yet, as we get older, the chance of becoming disabled increases. Who will handle your affairs if you should become disabled? Do you have a durable and health care power of attorney in place? If don’t address these matters, your loved ones may have to become your guardian or conservator.
- What if you need long term care? With nursing homes costing on average over $100,000 per year, not many people can afford such an expense for very long. Despite the high risk on needing long term care, few people are prepared when it happens.
Don’t fall victim to the election hysteria – the sun will surely rise this year on January 20. Make sure you have your affairs in order no matter what may come your way. Happy 2017!!!