End of life or estate planning is about getting plans in place to manage risks at the end of your life and beyond. And while it might be uncomfortable to discuss or plan for the end, everyone knows that no one will live forever. Sometimes it takes a significant event like a health scare to shake us from our procrastination. Don’t wait for life to happen to you, though. You want to make sure all you have worked hard for goes to the people you want it to go to and lastly you don’t want it going to the State!
10 Things to Remember
- Make a Plan.
- Update as life and plans change and new blessings come into your life 😊
- Plan for disability and long-term care.
- If estate taxes are applicable make sure they are accounted for.
- Make sure ownership of personal as well as real property are properly titled and MAKE SURE beneficiaries are correct and properly named and updated overtime as things in life are always changing.
- Understand and know what your liquidity is.
- Consider tax impact of income taxes for you and your beneficiaries.
- If you have minor children, are they provided for financially? Have a plan. Who will care for them? Who will take care of their finances? Does not have to be the same person!
- If you are leaving a gift to a charity or an organization, church, temple, or any nonprofit, make sure you have the required information so the gift will be honored.
- Make sure you are aware of beneficiaries on retirement assets and know the impact.
Selected excerpt(s) and linked article courtesy of Jamie P. Hopkins, Director of Retirement Research at Kiplinger.
Selected photo(s) courtesy of Getty Images.