When Every Dollar Counts: How Labor Day Reminds Us That Life & Legacy Planning Is More Essential Than Ever
2025.08.22
When Every Dollar Counts: How Labor Day Reminds Us That Life & Legacy Planning Is More Essential Than Ever
Labor Day has always been about honoring the American worker—the people who build our communities, power our economy, and create the foundation of our society. But this year, as we fire up our grills and enjoy that long weekend, there's an elephant in the room that deserves our attention.
For millions of working families, every dollar has become precious in a way it hasn't been for decades. While we celebrate labor, the reality is that the fruits of that labor aren't stretching as far as they used to.
Let’s explore why the current economic squeeze actually makes protecting your hard-earned money more important than ever before. We'll consider specific data showing how much basic necessities have increased, why this makes estate planning crucial rather than optional, and how Life & Legacy Planning can ensure every dollar you've worked for reaches the people you love—instead of being lost to legal complications and unnecessary fees.
The Numbers Are Staggering
The data tell a stark story that affects people where it hurts most—the essential costs of daily life:
- Food prices rose 23.6% from 2020–2024 (higher than the overall inflation rate of 21.2%).
- Transportation costs jumped 34.4%.
- Housing costs climbed 23.0%.
- Rent prices are now 35.8% higher than before the pandemic and have risen 1.5 times faster than wages since 2019.
- Mortgage rates more than doubled from below 3% during COVID to a peak of 7.08% in October 2024 (as of publication, ~6.6%).
- New vehicle prices climbed 22% since 2019, with average monthly payments at a record $742.
With the implementation of new U.S. tariff rates, consumer prices have risen further and are projected to continue climbing.
This isn't just about statistics—it’s about real families making real sacrifices:
- Parents skipping meals so their kids can eat.
- Young adults moving back home because rent is unaffordable.
- Retirees returning to work because savings aren’t enough anymore.
Why Life & Legacy Planning Is More Critical, Not Less
When money is tight, it’s natural to think estate planning is a luxury you can’t afford. But that thinking couldn’t be more wrong—it could cost your loved ones everything you’ve worked for.
Without proper planning:
- Assets may get stuck in probate court for months or years.
- Loved ones may be unable to access funds for basic living expenses.
- Court fees and administrative costs can consume 5–10% (or more) of an estate’s value.
For families already stretched thin, losing thousands to unnecessary legal fees can be devastating.
The beauty of Life & Legacy Planning® is that it works in every financial circumstance. In fact, the less financial cushion you have, the more important it becomes to ensure every dollar reaches your loved ones.
With proper planning, you can:
- Provide immediate access to resources for loved ones.
- Use trusts to protect assets from creditors.
- Preserve government benefits for vulnerable family members.
- Structure life insurance proceeds to grow over time rather than vanish in fees.
The Real Cost to Your Loved Ones
Consider this scenario:
Maria worked two jobs to support her three children after her divorce. Estate planning felt like a luxury she couldn’t afford. She had a small life insurance policy, modest retirement account, and savings—but no plan.
When she tragically died in a car accident:
- Her life insurance payout was delayed because her ex-husband was still listed as beneficiary.
- Her children were placed in temporary foster care because no guardianship plan was in place.
- Attorney fees and court costs consumed 40% of what she had saved.
Her children inherited a financial and emotional mess instead of stability.
If Maria had completed a Life & Legacy Plan, her assets could have gone directly to her children, guardians would have had resources to raise them, and court costs would have been avoided.
Take Action Today
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, family dynamics, concerns, and goals. From there, we’ll create a plan that works when your loved ones need it most.
👉 Take action today: Schedule a complimentary 15-minute discovery call
Disclaimer
This article is a service of DeCosimo Law, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own, separate from this educational material.