End of Life Planning
The dream looks something like this: After adhering to a solid financial plan your whole life, your estate is secure and you can cover your own costs, including any long-term care. Throughout your retirement, you’ll have dignity and confidence, knowing you won’t be a financial burden to your children when the end comes. But all of this requires careful planning.
Updating a Living Will
A living will is a crucial document that outlines your wishes for medical care should you become unable to communicate them yourself. Your health status and personal beliefs may change over time, so it’s essential not just to establish a living will but to periodically review and update it. This way it will always accurately reflect your wishes regarding life-sustaining treatments, pain management, and other important medical decisions.
Issuing Healthcare Directives
Healthcare directives are legal documents that provide specific instructions for your care, allowing others to confidently make medical decisions on your behalf if you become incapacitated. These directives may include a living will as well as any additional specific instructions for your care. By issuing healthcare directives, you can have peace of mind knowing that your wishes will be respected even if you are unable to communicate them.
Paying for Long-Term Care
Long-term care, including services provided in the home, in assisted living, or in nursing homes, can be very expensive. It’s essential to have a plan in place for how you plan to cover these potential future costs. Options may include long-term care insurance, veterans’ benefits (for eligible individuals), Medicaid (for those with limited financial resources). McRae can help you formulate a strategy.
Enabling Power of Attorney
A power of attorney is a legal document that appoints an official agent to act on your behalf in financial and legal matters. Having a power of attorney in place puts someone you trust in charge of managing your affairs (paying bills, selling property, making investment decisions, etc.) if you become incapacitated.
Establishing Trusts
Trusts are legal vehicles that allow you to place your assets under the control of a trustee, who’ll manage them on behalf of your beneficiaries. This can help you avoid probate, reduce estate taxes, and ensure that your assets go where you want them to. McRae can determine if a trust is right for your situation, and can help you create one that aligns with your goals.
Connect your finances to what matters most
End of life planning is only one of many life stages where smart financial planning can make a difference. If you’re interested in learning more, please read our Estate Planning Commentary.
