We have all heard people say that the only sure things in life are death and taxes, and because of this just about everyone makes very careful preparations each tax season. They are very proactive about making sure that they gain tax efficiency, and they generally do so with the assistance of an experienced accountant who has a thorough understanding of the lay of the land. Unfortunately, people don’t always take the same ownership of the responsibilities that go along with passing away by engaging the services of an estate planning attorney while taking charge of some of the personal details.
Those who do not think everything through and plan appropriately wind up leaving a lot in the hands of their family members. It could be suggested that this is something to be avoided for a couple of different reasons. For one, your loved ones will be going through a difficult period when you pass away. Allowing them to grieve without placing additional burdens of responsibility on their shoulders is the kind course of action. Plus, your family members may not agree on everything if they must make decisions in your behalf, and acrimony among your loved ones after you pass away is probably the last thing that you want.
There are also matters that may arise during the final portion of your life, like the need for long-term care. There are decisions that may have to be made that you can make in advance, such as the specific facility that you will reside in should you need long-term care outside of the home. You may also want to identify the funeral director that you want to use and make complete arrangements for yourself in advance to ensure that your own wishes are carried out while making things easier on your loved ones during a very trying time.
The bottom line is that aging and death are inevitable, and you may want to recognize the implications of this and take the appropriate preparatory actions with the assistance of an elder law attorney.
Latest posts by Saul Kobrick (see all)
- New Tax Law May Affect State Income Tax, Too! - February 20, 2018
- Planning for Retirement Plans and IRAs: Asset Protection - February 15, 2018
- Sager Family Shows Perils of Blended Families - February 13, 2018