The Right Way to Plan for End of Life (Mini-Episode)

Most people don't talk about end-of-life planning enough, and it
shouldn't be treated as a taboo topic. The first step is to have
the conversation.


 
When you pass away, you can leave behind an inheritance or
family conflict.

 


The realities around end-of-life aren't easy, but communication
is key. Listen in to hear where you should focus and plan.


 
1. End of Life is Expensive (Listen in at
3:14)

It's important to know the current situation, but understand that
the last years of life are often the most expensive. Healthcare
cost can become astronomical and creating financial flexibility
is important.


 
2. Be Careful About How You Receive An Inheritance
(Listen in at 3:52)

It can be the best or worst tax treatment for you. 


If you receive funds from a retirement plan, that money will owe
full income tax on it! If you take it as a lump sum you will pay
taxes on it as though it were income.


 


 
The key is to communicate with your family prior  to
needing end-of-life care. Think of what you want to leave to the
ones you love most. Lastly, talk with a financial planner you
trust before giving or receiving any funds.

 


It's better to give your family a good starting point for healthy
conversations than leave them an inheritance of assets entangled
with stress.