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
- Financial savings
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 choices
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