According to AARP, end-of-life costs, including funerals, are typically a consumer’s third largest expense, behind a home and a car. Also, an aging population presents huge challenges. According to the Alzheimer’s Association, one in three seniors die with Alzheimer’s or some form of dementia.
These issues can create a tremendous financial burden for families and individuals, on top of the stress and time issues created when a love one ages or passes away.
This means that you should consider taking the following steps:
If you don’t have a plan in place to deal with the aging or passing of a loved one, extra expenses can not only sneak up on your family, but become a tremendous burden. Plus, when you have more time to sort out expenses, you are able to negotiate and seek out better deals.
Talk to an aging specialist, your financial planner and/or a trusted funeral director, and use a guide like the Future File system to help you think through what those expenses might be, and prepare and plan for them today.
According to LIMRA, the majority of Americans don’t have enough- or any- life insurance and don’t understand it. Talk to an insurance specialist to see what types of insurance are right for you and your family’s unique situation.
Not having a clear Will or estate plan, or having your other wishes spelled out, can cost your family money and time, and create fights and other stress. If you want your family to end up with an inheritance instead of spending it on legal battles, get good advice from an estate planning attorney upfront.