When you know you don’t have a lot of time left, your focus shifts—and that is being seen right now as John McCain discards any concern about political capital and has directed his attention to fighting for what he believes in.
John McCain, diagnosed with a brain tumor, is more concerned now with building a legacy and protecting what truly matters to him, according to Wealth Advisor’s recent article, “Nothing To Lose: Shock McCain "No" Is Unmistakable Legacy Call.” He is facing what we all will eventually come to grips with.
Estate planning usually centers on the assumption that death will comes as a shock, which can motivate young people to get their plans together. In those situations, an estate plan can be a disaster plan as well as a succession plan. However, for someone like John McCain, things are much more certain. Knowing about how much time you have left, can help you to prioritize the way you spend your remaining days.
Many encourage those with a terminal illness to take it easy, but that’s just practicing for the grave.
While frequently health fails fast, some have the energy to achieve their last personal and professional goals. Staying involved may extend your energy and your life. This is also the time to execute a succession plan, when you can still be in a consultative role and ensure a smooth transfer.
McCain can put his efforts into his office, because his family life is settled. He seems to be at peace with his children. In addition, his personal financial situation is settled. It’s his wife Cindy’s money. She’s the heiress. The Senator doesn’t need to chase last-minute arrangements the way many dying people do. He may have some personal ambitions left unfulfilled. Many people who receive a terminal diagnosis want to travel or start a foundation. That way they can be around to see their estate plan start becoming a reality.
Those who are truly sick individuals can spend down their assets more quickly, with confidence that their money won’t run out.
However, in general, retirement marks a statistical end in sight. It’s a time when many folks feel great and are ready to start the next chapter. It’s an opportune time to focus on what really matters to them.
What matters is different for different people. For some, it means becoming politically engaged, while for others it means travelling to places they’ve only dreamed of. For John McCain, ramping up his already maverick position and continuing to fight the good fight, is how he wants to spend his final months.
Reference: Wealth Advisor (September 25, 2017) “Nothing To Lose: Shock McCain "No" Is Unmistakable Legacy Call”