End-of-Life financial planning is a topic that most people prefer to think about later, rather than sooner.
End-of-Life matters can feel overwhelming and the financial planning part can seem even more so. Yet planning ahead is essential to help you and your loved ones manage the costs associated with this inevitable life passage. Just as End-of-Life is an inevitable part of life, so is managing the costs for final care and services.
What is an End-of-Life Financial Plan?
End-of Life financial planning is a process that includes reviewing your financial situation, evaluating choices and making decisions that will ultimately become your plan for funding your End-of-Life matters.
Benefits of End-of-Life Financial Planning
There are many benefits to End-of-Life financial planning, including:
Peace of mind
Planning ahead reduces the financial burden on you and your loved ones when you near End-of-Life or pass away
Planning reduces overspending that may occur when loved ones must determine how to pay for End-of-Life care and services under significant emotional stress
Enables care choice
End-of-Life care and accommodations can be expensive; financial planning helps ensure that you receive the type of care you want
Preserves your assets
Financial planning helps protect your assets from probate court and reduces estate taxes after you pass away
Provides for loved ones
Planning allows you to help your loved ones through life insurance, wills, estate plans or trusts
Allows personal control
A pre-paid funeral plan allows you to design a service to fit your budget and pay in advance to freeze costs at today’s prices
Ensures decisions are honored
Organizing your finances helps your loved ones carry out your final wishes after you pass away
Read the whole article on knowing the benefits of an End-of-Life financial plan here.