How Labor Day Is A Reminder That Life & Legacy Planning Has Never Been More Essential

Labor Day has always been a time to honor American workers—the people who build our communities, drive our economy, and form the backbone of our society. But this year, as we gather with family, fire up the grill, and enjoy a well-earned break, there’s a tougher reality we can’t ignore.

For millions of working families, every dollar matters more than it has in decades. Wages aren’t keeping pace, costs keep climbing, and the hard-earned fruits of labor don’t stretch as far as they once did.

That’s why now, more than ever, protecting what you’ve worked for isn’t just wise—it’s essential. In the coming discussion, we’ll look at the numbers behind rising everyday expenses, why this makes estate planning a necessity rather than a luxury, and how Life & Legacy Planning can safeguard your wealth so it goes where it belongs: to the people you love, not lost in legal red tape or avoidable fees.

The Numbers Are Hard to Comprehend

The data shines light on a story that affects people where it hurts most - the essential costs of daily life. According to the Bureau of Labor Statistics, from 2020 to 2024, food prices rose 23.6 percent—higher than the overall inflation rate of 21.2 percent. Transportation costs skyrocketed even more, jumping 34.4 percent, while housing costs climbed 23.0 percent. For renters, rent prices are now 35.8% higher than before the pandemic and have risen 1.5 times faster than wages since 2019. Meanwhile, potential homebuyers face mortgage rates that jumped from below 3% during COVID to a peak of 7.08% in October of 2024, more than doubling borrowing costs (as of publication, rates are about 6.6%). And if you need a car? New vehicle prices have climbed 22% since 2019, with the average payment now at a record $742 per month.

Furthermore, with the implementation of new U.S. tariff rates, data show that consumer prices have increased in the short run and are expected to continue the pattern in the long run. 

This isn't about statistics—it's about real families making real sacrifices. Parents skipping meals so their kids can eat. Young adults are moving back home because rent is unaffordable. Retirees are returning to work because their savings aren't enough anymore.

So what does this economic reality mean for protecting your family's future?

How This Makes Planning More Critical

Here’s the surprising truth: times of financial strain actually make Life & Legacy Planning more essential—not less.

When money feels tight, it’s easy to think of estate planning as a “someday” luxury. But putting it off could be one of the costliest mistakes you make for your family. Without a plan in place, everything you’ve worked for could be tied up in court, eaten away by legal fees, and kept out of your loved ones’ hands when they need it most.

The reality is stark: probate can drag on for months or even years. During that time, your family may be unable to access funds for everyday living costs, medical bills, or even keeping the family home. On top of that, court and administrative fees can claim 5–10% (or more) of your estate—thousands of dollars gone at the exact moment your family can least afford it.

That’s why Life & Legacy Planning is so powerful. It ensures that every dollar you’ve worked for goes where it belongs—straight to the people you love. With the right strategies in place, your family gains immediate access to resources, without waiting on probate or scrambling to cover expenses out of pocket. Smart planning can include trusts that shield assets from creditors, tools that preserve vital benefits, and structures that stretch life insurance far beyond a single payout.

Best of all, a comprehensive Life & Legacy Plan evolves with you—adapting as life changes, so it’s there when your loved ones need it most.

But what happens when families don’t have this kind of protection? Let’s walk through a real-world example to show just how much is at stake.

The Real Cost of A Bad Plan

Consider Maria’s story. After her divorce, she worked two jobs—an administrative role during the week and grocery shifts on weekends—just to keep her three kids afloat. Estate planning felt like an impossible luxury: too costly, too time-consuming, and not urgent compared to daily survival.

But Maria did have assets worth protecting—a small life insurance policy, a modest retirement account, and a bit of savings. Most importantly, she had three children who depended on her for everything.

When Maria tragically died in a car accident, the lack of planning left her family in crisis. Her life insurance was tied up because her ex-husband was still listed as the beneficiary. With no guardianship plan in place, her children were placed in temporary foster care. And by the time the courts finished sorting things out—18 months later—nearly 40% of her estate was gone to legal fees and court costs. Instead of inheriting security, her children inherited chaos.

Now imagine a different outcome. If Maria had created a Life & Legacy Plan, her assets would have gone directly to her children—without being drained by court costs. Her beneficiary designations would have been updated, her guardianship wishes clearly documented, and financial support arranged so her chosen caregivers could raise her kids without hardship. Even with her busy schedule and tight budget, I could have helped her complete her plan efficiently and affordably—because protecting your family’s future shouldn’t be out of reach.

The truth is, today’s economic challenges make planning even more essential. Don’t let financial pressures today turn into devastating consequences tomorrow. With a Life & Legacy Plan, you can make sure every dollar you’ve worked for truly benefits the people you love.

Take action today—your family’s future depends on it.

It’s Time to Take Action

This Labor Day, honor your hard work by protecting the fruits of your labor. The current financial reality facing many families - perhaps yours - means that now is the perfect time to plan for the future. Your family deserves to inherit your love and care, not legal complications and unnecessary expenses. 

As a Personal Family Lawyer® Firm, I help you create a Life & Legacy Plan that protects both your wealth and your relationships. My process starts with a Life & Legacy Planning® Session, where we'll discuss your economic reality, your family dynamics, your concerns, and your goals for your loved ones’ future. From there, we'll create a Life & Legacy Plan that works when you and your loved ones need it to.

Take action today. Click here to schedule a complimentary 15-minute discovery call with my office.