Matt Knoll, CFP®

Most of us have heard the stories about famous people who died without a will or other estate planning documents: Aretha Franklin, Pablo Picasso, Howard Hughes, and even Abraham Lincoln all passed away without leaving documents to guide their heirs as to the disposition of their estates.

One of the most memorable scenes in the movie City Slickers is when Curly, the crusty ranch foreman (played by Jack Palance) explains to Mitch, one of the city dudes (played by Billy Crystal) what really matters most in life. Turning toward the inquisitive greenhorn, Curly holds up an index finger. “This,” he says. “Your finger?” Mitch asks. Curly goes on to explain that the secret of life is knowing what your “one thing” is: the thing that matters most—that lies at the center of everything else you do and are. “So,” Mitch asks, “what is the one thing?” “That’s what you gotta figure out,” Curly replies.

As Baby Boomers continue to age, more and more of them are facing the reality of life without a spouse. Because of women’s statistically longer life expectancies, many Boomer women will be forced to adapt to widowhood, with all the new responsibilities and liabilities that entails. Finally, because many in this generation grew up with the assumption that “the money is the man’s business,” large numbers of recently widowed Boomer women are confronted with a steep learning curve with respect to their finances.

According to a recent survey by Nationwide Retirement Institute, two-thirds of the owners of small- and medium-sized businesses in the US expect a recession within the next six months. And of that two-thirds, a strong majority expect such a recession to be as severe as the Great Recession of 2007–09.