Prevent a "Double Tragedy"- Plan for the present

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Welcome to the One of a Kind Financial Show Daily with your host, Mike Milligan. It is December 22nd, 2025. It is Christmas week. Many people are celebrating Hanukkah now. Kwanzaa begins at the end of the week. And, um, it's the holidays, folks. We have a short week this week. Uh, we'll still be here 5 days this week to give you something a little bit daily, but let's start with, uh, more of a solemn moment this week, uh, because Because it's always good to remember things that have happened in the past and how they can relate to you in the present. Back in 1998, December 21st, actually, so celebrated 47 or 37 years ago yesterday, the Lockerbie tragedy happened. While it's a solemn story, it offers meaningful lessons on the importance of being organized and prepared for the unexpected. We're going to talk about some practical steps families can consider To help reduce stress during the most difficult moments in time. And for some of you, this is going to be a history lesson to learn maybe for the first time what the Lockerbie tragedy really was. So enjoy this episode where we learn from tragedy how we can plan for the future.

All right, welcome back to the show. Today we're going to revisit a solemn date in history. It happened on this day— well, actually it was December 21st in 1988 when Pan American Flight Flight 103 was tragically lost over Lockerbie, Scotland. Devastating event that affected hundreds of families. Mike, we wanted to approach this respectfully, focusing on the families and what we learn about preparedness. Am I right, Mike?

It's true, right? Um, many people who listen to our show are, uh, in their 40s, 50s, 60s, 70s, and, uh, and we're, we're, we're Just old enough to remember this, Dan Rather coming on CBS and saying, and giving us the highlight of an airplane going missing. Right? I mean, that's, it's just, this brings up like when you hear about an airplane and obviously in many's mind, the first thing that comes to mind is then you start thinking about 9/11. What happened September 11th, 2001.

Sure.

And then even in more recent, we had the plane that mysteriously went missing on its flight from Australia, its return flight from Australia to India that they think they've discovered it back over the Indian Ocean.

Yes.

And then even in this past year, we had the flight that was leaving India that somehow didn't gain altitude and just hit and killed and other people with that amazing story of that one person. I think it was in row— yeah, one person that was sitting in 11D, the only person that survived. And so when we think about this, right? And Gary, I have taken in 2025, I think my final count number was 108 flights.

Wow.

So I was on an airplane 108 times. And so when we think about this, I think about this every time I get on a flight, because when we go from Norfolk, we have to go from Norfolk to Dulles or Norfolk to Newark or Norfolk to Houston or Norfolk to Atlanta. It's always connecting somewhere, right? We don't get any direct flights. But on those flights, you always think about, man, this thing could go down and there's 80 people or 200 people on this flight.

Sure. Yeah.

So events like Lockerbie remind us that life can change without warning. And they could change for a number of people all at the same time. And while no amount of planning prevents tragedy, having documents, beneficiaries, and financial structures in place can help reduce the administrative and financial stress families often face during an already difficult time.

Mm-hmm. Yeah. And these things people don't always think about until, until they really have to, Mike.

Yeah, exactly. I mean, most people, after they have a sudden loss, that's when they are all of a sudden ready to create a will for themselves. After somebody is stricken with cancer, that's when they're ready to go to the gym.

Right.

Tragedy causes change, but it's a lot of what we can talk about to prevent a double tragedy, the tragedy of not only like an event happening, but also the tragedy of seeing people having to walk into probate court. Or go from door to door, bank to bank to figure out where accounts were, or to sit back and know, is the survivor covered with those finances? So we really want to help people realize that tragedy and loss is going to occur in life. I mean, if you're listening to the show today, and Gary and I have a real— we know this too, 100% chance we're all going to die. 100%. We don't know how, right? We don't know if it's going to be on an airplane. Like when these people took off on the 21st on Pan Am Flight 103, they had no idea that that was going to be their last day. They didn't know they were in the final minutes and hours of their life. But the thing about it is, is we can prevent this by just taking a few minutes, right? In the grand scheme of things, planning for the end of life just takes a few short minutes. You know, maybe it's a couple hours, couple, 3 hours. It just takes a little bit of mental energy and a little bit of planning to be able to Prevent a double tragedy, your loss, but also the loss of time and energy and the mental anguish that goes with trying to organize something that could have been organized while you were alive. And so when something happens suddenly, there's challenges like, and I've mentioned these, but I just want to mention them again, not knowing where accounts are located, having to go on a hide-and-seek mission, right? You hid the accounts. Now the family's got to go seek them out. Missing or outdated beneficiaries. I mean, could you imagine? Listen, divorce is such a big part of life today. Could you imagine if you divorced somebody and you remarried and you've been remarried for a number of years and all of a sudden your new spouse found your ex-spouse's name on a life insurance policy? That would be awful, right?

Yeah, it would be. Yeah.

How about delays in accessing your money? Right, because it's tied up somewhere. Limited liquidity for immediate needs and difficult locating essential documents, not having everything organized in place. So these are common issues, not just in large tragedies, but in that double whammy, which is just everyday life situations.

Right, let Mike help you with that. Here's that phone number, 800-748-1838, 800-748-1838, or text the word ideas to 600-700. The show is the one-of-a-kind financial show. Get that one-of-a-kind financial plan that Mike talks about. One more time on the number, 800-748-1838, or text the word ideas to 600-700. A couple of minutes left, Mike. So what are practical things people can do without giving advice to help prevent these problems?

Uh, we're going to frame this as general education, not recommendations, right? Just considerations that may help you stay organized. So first, Keep beneficiaries updated. Many people forget to review them after life changes. I will tell you guys, if you're a federal employee and you have not logged into the TSP site since June of 2023, when there was a system change, you probably don't have a beneficiary on your account because most were lost during that time. So updating beneficiaries are easy to do, an easy first step. Number 2, consider maintaining essential documents such as a will, healthcare directives, power of attorneys, because these can help your family understand your wishes. Written documents tell your family that you love them. You can organize account information, have a secure place where a trusted person can locate accounts, policies, and important instructions that may reduce confusions at the end of your life. Review your insurance coverage periodically. Families can often reassess whether existing coverage is aligned with current goals and responsibilities.

Tell us about that one-of-a-kind financial plan, Mike. We've got a minute or so left.

Right. The one-of-a-kind financial plan helps with protection, liquidity, Income, tax planning, and growth. And we've, and we wrap that around this whole idea that taxes are the biggest expense you'll ever have in your life. So let's control them. Retirement income is something you need from the time you retire to the time you pass away. And you want to make sure it's consistently in your checking account monthly when you need it. So let's guarantee it. Number 2, investments that are tied to the risk you can sleep with at night. A long-term care strategy that protects you and your end-of-life ailments from becoming the burden of your children or even strangers. And then a legacy plan that says, I love you, Gary. We build one-of-a-kind financial plans because everybody listening here today, the hundreds, if not thousands of people listening to this show today, you are unique. You live a one-of-a-kind life. So don't you deserve a financial plan that is one of a kind also?

Absolutely. 800-748-1838, 800-748-1838, or text the word IDEAS to 600-700. Do it right now. Get on the calendar. No cost, no obligation.

You know, I realize that on December 22nd, to bring something as traumatic up as a plane crash or a missing plane and family going loss is maybe ill-timed because of the amount of tragedies going this week. But I, I do this because there's so many people who suffer during the holidays. Uh, in 1997, on December 17th, Chris Farley, uh, left this earth. An actor and comedian, uh, around the holidays left us. And there's so many other stories. Of people who have had tragedy happen around this time, be sensitive to that. Most of all, know that we are here as a financial planning firm. We're one of a kind, just like you are. And when tragedy happens to you, we're there to hold your hand and keep you grounded. Hopefully, with a plan that we have built, we will celebrate more this the rest of the week with more upbeat. But it's always good to learn from your past as we deal. with the present and have hope for the future. Just remember, Mike Milligan is an investment advisor rep with Advisory Alpha LLC. Ideas by Mike, doing business as One Oak Financial, is an unaffiliated entity of Advisory Alpha LLC. All comments that Gary and I make on the One of a Kind Financial Show, and I make on the One of a Kind Financial Show Daily, are for education purposes only. You should consult with a tax advisor, A financial professional, the Social Security Administration, for explicit direct answers for you, and consult with a financial pro before making any financial decisions.

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