Financial Considerations in the Wake of Large-Scale Crisis & Tragedy

The images and stories coming out of Central Texas this month have been devastating. The floods that swept through the Hill Country—especially Kerr County over the July 4th holiday—have left behind heartbreak, destruction, and unimaginable loss. For so many families, life has been forever changed.

Some of you reading this may have been directly impacted. Others may have friends or loved ones in the area. And even if you're watching from afar, it's hard not to feel the weight of what’s happened—especially knowing it unfolded so quickly and so close to home.

In moments like this, everything else can feel secondary. The to-do lists. The vacation plans. Even the goals we had for the second half of the year. But I’ve also found that tragedy has a way of clarifying what matters most: the people we love, the priorities we hold dear, and the steadiness we seek in times of chaos.

If you or someone you know has been affected by the flooding and is facing difficult financial decisions, here are a few thoughts that may be helpful—now or in the future—should you ever find yourself navigating a similar large-scale crisis or tragedy.

1. Give With Care—and Impact

In the days after a tragedy, the generosity of others often becomes a lifeline. Families lean on one another, communities rally, and giving begins—quickly and from the heart. Some examples we’ve seen recently:

· GoFundMe pages to support immediate needs (temporary housing, funeral costs, basic essentials).

· Local businesses and Texas-based brands offering products with up to 100% of proceeds going toward relief funds.

· MealTrains, Venmo, and Amazon Wish Lists set up by friends of the families to meet very specific needs.

Tip: Before donating, verify that the fund is legitimate. Stick with known sources, or reach out directly to confirm before wiring funds or sending money via Venmo or Zelle. We saw several instances during the Kerr County Flooding where imposters would create similar-looking Venmo accounts to legitimate fundraising ones to confuse people on where to send money.

If you’re organizing a fundraiser, be clear about the purpose and how funds will be used. That transparency builds trust and can lead to greater impact.

2. Watch Out for Scams—Unfortunately, They Happen

When emotions are high, bad actors sometimes take advantage. This is true for both people trying to give and those in crisis.

Be cautious if someone:

· Calls claiming to be FEMA or your insurance company and asks for your Social Security Number or bank information.

· Demands urgent payment to “unlock” disaster relief funds.

· Poses as a relative or representative without verification.

Tip: Never give out personal information over the phone unless you initiated the call to a trusted, known contact. If in doubt, hang up and call the agency directly.

3. Honor and Healing Through Legacy Giving

For families who’ve lost loved ones, there may come a point where they feel called to create something lasting—something that reflects the life and values of the person they lost. Some choose to:

· Establish a scholarship in their loved one’s name at a school or university.

· Create a memorial fund through a local church or community foundation.

· Launch a donor-advised fund (DAF) for long-term giving, either privately or publicly.

Tip: You don’t have to know how to do this alone. A financial advisor or estate attorney can help you think through structure, sustainability, and tax-efficient giving.

4. If You’re In the Midst of Crisis: Please Pause Before Making Big Money Moves

I know from experience that financial decisions can feel overwhelming in the best of times—let alone during heartbreak or trauma. In the immediate aftermath, some common mistakes include:

· Cashing out retirement funds prematurely

· Transferring assets or accounts too quickly

· Making large purchases or sales based on emotion

Tip: Take a breath. Talk to someone you trust before making irreversible financial decisions. Your future self—and your family—will thank you.

Keep good records—including receipts, correspondence with insurance adjusters, and photos of damage. These can be essential for FEMA claims, tax reporting, or insurance disputes.

5. Talk to Your Insurance Professionals ASAP

If you’ve experienced damage or loss:

· Contact your homeowner’s or renter’s insurance provider immediately.

· If applicable, file a claim with flood insurance (which is typically separate).

· Take photos of everything—damaged items, structural issues, even mud lines on walls. This documentation helps your case.

· Log every conversation with adjusters (name, date, what was said).

Tip: Not sure what coverage you had or where your policies stand? Ask your advisor or insurance rep for a coverage summary so you can understand what’s available and what isn’t.

6. What If You’re Watching From Afar? Use This Moment to Prepare

None of us expect to be the one impacted—but preparation is an act of love. If you’re fortunate enough to be safe right now, this may be the time to:

· Review your emergency fund—is it enough for 3–6 months of essentials?

· Check your insurance coverage (especially flood, which is often overlooked).

· Revisit your estate plan, will, or beneficiary designations.

· Create a “What If” folder with passwords, account contacts, and key instructions your family could follow in an emergency.

Tip: These aren’t just financial housekeeping items—they’re tools that can help protect yourself and your loved ones down the road if the unexpected ever happens to you.

You’re Not Alone

In the face of tragedy, it’s easy to feel overwhelmed and isolated—especially when the dust begins to settle and the emotional support quiets down. But please know this: you don’t have to navigate the financial aftermath alone.

There are professionals, organizations, and community members who want to help—whether that means walking you through an insurance claim, helping you think clearly about next steps, or simply being a sounding board as you sort through what comes next.

This kind of support doesn’t always look like formal planning—it often starts with a simple conversation. If you have a financial advisor, don’t hesitate to lean on them during this time. And if you don’t, consider reaching out to a trusted professional who can help bring clarity to complex decisions. Not because you need to make big moves, but because having a steady, informed perspective can make a world of difference when the rest of life feels anything but steady.

Above all, take your time. Take care of your people. And remember: in times like these, community is what carries us through.

Please Note: Any opinions are those of the author, are subject to change without notice and are not necessarily those of Raymond James. This material is being provided for information purposes only and does not constitute a recommendation. Investing involves risk and investors may incur a profit or a loss regardless of strategy selected, including asset allocation and diversification.

This content was created with the assistance of artificial intelligence (AI). While efforts have been made to ensure the quality and reliability of the content, it is important to note that AI-generated content may not always reflect the most current developments or nuanced human perspectives.