Last Tuesday, I attended funerals for two friends.

The first was for a 65-year-old lady whom I have known for many years. I was saddened by her death, but I knew she had lived a full life. She had married, raised a family and thoroughly enjoyed watching her grandchildren mature.

The second was more difficult. More than a thousand people gathered to mourn the loss of a 35-year-old man. He was the father of four and was in the early stages of a wonderful life.

He would not see his youngsters grow up. He would not have the chance to see his daughters marry or his sons play sports. The joys of grandchildren will be missed.

There can be no explanation why such young people are taken. It makes no sense. Regrettably, it happens — and more often than anyone expects.

My thoughts, however, turn to the survivors — especially the young mother who must now raise the children alone. She must face the financial challenges alone. She must deal with the harsh realities of life after the initial shock of her tragic loss.

In the twinkle of eye, life can change. One day life is grand and the next, life is cruel.

Can we learn from this tragedy? Of course.

First, we must cherish every loving relationship with care and compassion.

Second, we must adhere to the Scout motto — “Be Prepared.”

Being prepared takes many forms, but of course life insurance comes to mind. I have never met a widow or widower who thought the deceased spouse was over-insured. With the low cost of term life insurance, more is better than less.

Nearly everyone needs a will that directs the distributions for assets after a person dies. Of course, where minor children are involved, guardianship must also be addressed.

If the personal holdings are large, a trust may be appropriate.

All beneficiary designations must be kept in order. This could affect life insurance, pension and 401k plans, IRA plans, annuities and even some bank accounts.

Provisions should be made for the survivor’s income and debt payoff.

Social Security often provides a substantial income for young families, but it may not be enough.

An assessment of all credit balances is necessary, including mortgages, credit cards, car loans, or other installment plans.

The debts don’t disappear because the debtor dies.

The survivors of a sudden death are often overwhelmed by an outpouring of support.

However, over time it wanes. The realities of life set in, and having sufficient income and enough cash reserves to carry on is essential.

No one knows how much time they will have and occasionally death takes one with no warning.

Therefore, my suggestion is that everyone plan as if we will live forever, but live as if this is their last day.

Notable Quote: “To live in hearts we leave behind is not to die.” — Thomas Campbell

Tom is a Registered Investment Advisor and Certified Financial Planner. If you have questions or topics, call or write Tom at 1030 Seminary St. Suite D, 254-0155, fax 254-0158 or e-mail suntrm@aol.com