Labor Day is a celebration of the American worker. It is an opportunity to honor our local firefighters, police officers, the people who build our roads, communities, and power our economy. Yet, as we all take a long weekend to celebrate the American working class, it’s obvious that things haven’t been easy for the everyday family in our country. For millions of hardworking families, every dollar has become precious, and the fruits of their labor aren’t stretching as far as they used to.
So, as we reflect on this holiday and enjoy a long weekend away from work, we thought it would be wise to dive into the numbers to see what’s really going on for American families. Then, to discuss how to protect your hard-earned savings and provide a real-life example of why this is so important for your family.
The Increase In Costs Are Staggering
The data shows that the costs of daily life have skyrocketed since the pandemic. The U.S. Bureau of Labor Statistics provides detailed data through the Consumer Price Index, which tracks the price changes of everyday necessities like food, housing, and transportation.
- According to the Bureau of Labor Statistics, from 2020 to 2024, food prices rose 23.6%—outpacing overall inflation of 21.2%. In 2025, the price of food is up another 2.9%, which is comprised of groceries rising 2.2% and the cost of eating out going up 3.9%.
- Transportation costs jumped 34.4%, while housing costs climbed 23.0%.
- Rent prices are now 35.8% higher than before the pandemic, rising 1.5 times faster than wages since 2019.
- Mortgage rates have more than doubled since the COVID lows—jumping from under 3% to as high as 7.08% in 2024 (with current averages around 6.6%).
- New vehicle prices are up 22% since 2019, with the average car payment now at a record $742 per month.
On top of this, economists are projecting long-term increases based on inflation resulting from tariffs.
This isn’t political or merely about statistical data; it’s about everyday American families making real sacrifices. Some are luckier than others, and I’m thankful for what we have, but we’re all feeling the pinch. Unfortunately, some families are struggling and making real sacrifices: cutting costs at the store, parents skipping meals so their kids can eat, choosing what medications they can afford, young adults moving back in with parents, and retirees returning to work because their savings no longer cover basic needs.
So what does this mean for protecting your family’s future?
Why Estate Planning Has Become Even More Critical In Uncertain Times
Here’s what might surprise you: in uncertain economic times, estate planning becomes even more critical and a wiser investment.
As a parent, I see my money flying out the door, and there’s always something new that is needed for our daughter, or our home. It’s completely understandable that most people see estate planning as an unnecessary “luxury” when money is tight. Even in good times, it is one of the easiest things to put off. But nothing could be further from the truth and in uncertain times, it becomes even more critical. Here’s why… without a proper plan:
- Your assets could get stuck in probate for months or years while your family struggles to access money for living expenses.
- Beneficiary mistakes or outdated documents could divert money to the wrong people, leaving your loved ones unprotected and requiring even more unnecessary attorney fees and court costs.
For families already stretched thin, losing thousands to legal costs or court delays can be devastating. In fact, the less financial cushion you have, the more important it becomes to protect every dollar. That’s why it’s so important for the everyday working-class American to understand the importance of getting a proper estate plan in place, even if they’re just trying to make ends meet.
The Real Cost of Not Planning for American Families
Let’s consider Mary’s story. She went through a divorce, which left her a single mom of three. She’s working two jobs just to get by. Naturally, while struggling to make ends meet, estate planning felt like a luxury she couldn’t afford — both in time and money.
Although she didn’t think so, Mary did have assets: an emergency savings account, a modest retirement account, and a life insurance policy. When she died suddenly in a car accident, her family discovered the devastating impact of not having a plan:
- Her life insurance still had her ex-husband listed as the primary beneficiary, which was then tied up and inaccessible for her family after her accident.
- Her children went into temporary foster care because her family lived out of state and she didn’t have guardians named. Not to mention, they could barely afford to raise their own children, let alone immediately hire a lawyer and fly out to go through a court case to rescue them.
- After a year in court, by the time the legal process wrapped itself up, nearly 40% of her estate had been eaten up by attorney and court fees.
Instead of inheriting the nest egg Mary had squirrled away for a rainy day to help support her children in their time of need, Mary’s children inherited a mess.
Now imagine the alternative. With a Family, Wealth & Legacy Plan in place, Mary’s children would have had:
- Immediate access to her savings and life insurance.
- All of her beneficiaries would have been updated properly.
- Chosen guardians and guidance on how she would have wanted them to be supported financially.
- She would have had a plan in place that was specifically created for her family and with her personal circumstances in mind. Her plan would have included post-divorce planning and all of the proper supporting documents to allow the courts to follow her guidance and wishes because our office is experienced in both areas of the law.
- All of which would have been done easily and efficiently, while working around her busy schedule, because we have systems and a process in place.
How Family, Wealth & Legacy Planning Protects Every Dollar
When you create a Family, Wealth & Legacy Plan with me, we:
- Build a complete asset inventory so every account is quickly identified and nothing is overlooked.
- Provide detailed guidance and support, so beneficiaries are updated and accurate.
- Create trusts or a plan that will protect assets and preserve benefits.
- Provide strategies so funds are immediately available — not tied up in court.
- Review your plan regularly so it adapts as your life and finances change.
The goal: that every dollar you’ve worked for is used to support your loved ones — not lost to the legal system.
Take Action This Labor Day
This Labor Day, honor your hard work by protecting the fruits of your labor. The financial squeeze isn’t easing up anytime soon, but with proper planning, you can ensure your family inherits stability, not stress.
At Family Wealth & Legacy Legal Solutions (FWLLS), we’ll start with a Family Wealth Strategy Session, where you’ll get clear on what would happen to your assets today, and we’ll design a plan to ensure your family is cared for—no matter what.
Schedule your complimentary 15-minute discovery call here.
If you’re wondering if we’re the right fit for you and curious about how to find the right attorney to help you protect your family and your assets, be sure to read our guide on the 6 Questions You Need to Ask Before Hiring an Estate Planning Attorney
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This article is a service of Family Wealth & Legacy Legal Solutions (FWLLS). At FWLLS, we do not just draft documents; we ensure you make educated, informed and empowered decisions for yourself and the people you love. That’s why we offer a Family Wealth Strategy Session—so you can avoid life’s most common legal problems and ensure every dollar you’ve worked for is preserved for the people you love. Mention this article when you call to learn how to receive this $900 session at a significantly discounted rate, or even for free.