Michelle's Story
Michelle Florian was a client of Patrick’s who recently passed away after a nearly four-year battle with ovarian cancer. This client also happens to be his sister. The struggles she and her family went through forced Patrick to internalize, what he already knew intellectually, the importance for everyone to ensure their "whole house is in order". The experience heightened his resolve to focus his financial management practice on doing just that for each and every one of his clients. Patrick often shares this story because he wants to convey to his clients why it is so critical to ensure your financial house is in order.
Michelle was the type of person who could so easily live in the moment with the most basic of needs, yet was always planning future, exotic endeavors.
For example, in 1989, Michelle’s first job out of college with a communication degree was with a small television station in Harrisburg Pa. She helped produce the nightly news and was also one of the weather personalities for the station. She made $12,500 a year, lived in an apartment on her own and started an IRA. Perhaps it helped that her brother, Patrick, studied finance in college, but she did it on her own without his assistance.
While in college, Michelle had studied in London and travelled throughout Western Europe. She had already built an extensive network of close friends in Britain, Ireland, Belgium and Germany so it was not surprising that the wanderlust in her began to resurface. At age 24 she resigned from her job and went to Australia to live and work there. She travelled the entire countries of Australia, New Zealand and many parts of SouthEast Asia.
She worked hard and saved money and would always tell Patrick that she needed to save so she could travel in retirement as well. Travel was her thing and she did everything she could to take trips as often as possible. Eventually, Michelle obtained a more formal job in Japan teaching English. She lived and taught there for two years at a well-paying job living simply and putting as much as she could into her
retirement plans.
Finally, to the delight of their parents, Michelle moved back to Philadelphia and began working as a third grade teacher. She started a 403(b) with her brother’s help and had a pension which she was very excited about. She married and had two children and again went to her brother Patrick for help with life insurance for her and her husband. While it was probably not enough, it was something they could afford.
Michelle’s husband is German and as a non-native speaker he had tremendous difficulties moving his business to the states from overseas. He struggled with depression for years and during that time Michelle operated their household on one income.
Michelle went to Patrick for help with disability insurance as a result but in her typical fashion ended up contacting the benefits department in her school district and chose a disability plan for herself.
This foresight provided critical income for her and her family as she battled ovarian cancer. The policy she purchased paid her $6,640 a month for two and half years. Their father told Patrick he expected he would have to withdraw from his 401k to assist Michelle, if not for her disability insurance.
Michelle’s cancer was aggressive and the prospect of beating her type of cancer was low. Again she went to Patrick for help with her estate documents. Together, and with the help of Patrick’s professional network they created a will, a durable power of attorney, and a health directive for her. They were difficult documents because her children are minors and the family had to assume so much care for the children due to her husbands depression issues.