When Every Dollar Counts: Why Labor Day Makes Estate Planning Essential
Published: August 22, 2025
Labor Day, Hard Work, and Protecting What You’ve Earned
Labor Day honors the American worker—the people who build our communities and keep our economy moving. But as we celebrate this year with cookouts and family gatherings, many families are facing a sobering reality: every dollar matters more than ever.
For working families in Arkansas, Texas, and across the country, the rising cost of living means the money you’ve worked so hard to earn isn’t stretching as far. That’s exactly why now is the time to think about how you can protect your family’s future with solid estate planning.
The Rising Cost of Living
Prices for basic necessities have soared in just a few short years:
- Food prices: up 23.6% from 2020 to 2024
- Transportation costs: up 34.4%
- Housing costs: up 23%
- Rent: 35.8% higher than pre-pandemic, rising faster than wages
- Mortgage rates: climbed from below 3% to over 7% before settling around ~6.6%
- Vehicles: new car prices up 22%, with average payments near $742/month
These aren’t just numbers—they’re real sacrifices: parents skipping meals so their children can eat, young adults moving back home, retirees returning to work. Which begs the question: If today’s paycheck doesn’t go as far, how do you make sure your family keeps every dollar you’ve worked for when you’re gone?
Why Estate Planning Is More Critical in Tough Times
It’s easy to think of estate planning as something “extra” you can put off. But when money is tight, failing to plan can cost your family far more in the long run.
- Without a plan, assets may be tied up in probate for months or years.
- Legal fees and court costs can consume 5–10% of your estate—sometimes more.
- Loved ones may have no access to funds when they need them most.
With a Life & Legacy Plan® in place:
- Your family can access resources quickly without long court delays.
- Assets can be protected through trusts, updated beneficiary designations, and smart tax strategies.
- Guardianship planning ensures your children are cared for by the people you choose—with financial support to match.
A Real-Life Example: Maria’s Story
Maria, a single mom of three working two jobs, had life insurance, a retirement account, and some savings—but no estate plan. When she passed unexpectedly, her life insurance still listed her ex-husband, her kids spent time in temporary foster care, and court costs consumed nearly 40% of what she left behind.
With a Life & Legacy Plan®, Maria’s designations would have been updated, her chosen guardians supported, and her children’s inheritance protected—offering stability instead of chaos.
Honor Your Labor With a Life & Legacy Plan®
This Labor Day, honor your years of work by making sure your family inherits your love and security—not legal complications.
At Baranski Law PC, a Personal Family Lawyer® firm serving Arkansas and Texas, we guide you through a simple process:
- Start with a complimentary 15-minute Discovery Discussion to explore your options.
- Schedule a Life & Legacy Planning Session® to get organized and design a plan that fits your family.
- Leave with peace of mind knowing every dollar you’ve worked for is protected.
Schedule your free 15-minute Discovery Discussion
Final Thoughts
The financial challenges families face today aren’t going away overnight. But with the right planning, you can make sure your legacy isn’t swallowed up by court fees, delays, and conflict. Don’t wait until it’s too late—protect your family now.
Disclaimer: This article is a service of Baranski Law PC, a Personal Family Lawyer® firm. The information provided is for educational purposes only and should not be considered legal, tax, or financial advice. If you need legal advice for your specific situation, please contact our office directly.