Final Expense and Estate Planning is not something we do for ourselves, we do it for those we care about. It is an expression of love and responsibility. Just as Adults should clean up behind themselves, they should also not pass their final expense costs, financial obligations and problems down to their children or other family members expecting them to pay and solve this problem.
Planning in advance for paying funeral costs, estate taxes and other debts is very important. These obligations will have to be paid one way or another. If you do not plan ahead and allocate funds to pay for them, the IRS and other creditors have the ability to seize our most valuable monetary assets and force them to be sold to generate cash for paying off debt. By planning today about how to pay for your final expenses including Funeral and Tax costs will save your spouse, children and grandchildren a lot of inconvenience, stress and money.
Common costs that are incurred and should be planned for include:
- Funeral Expenses
- Property and/or Income Taxes
- Probate Court Fees
- Outstanding Debts - (Mortgage, Credit Cards, Auto Loans)
- Federal Estate and State Death Taxes
- Long Term Care - (Medical/Nursing Home Expenses)
- Education and Health Expenses for minor children
Final Expense and Estate Planning are a responsibility of adulthood and an act of love for the people we care most about. It involves the process of transferring the right assets to the right people, at the right time, with the right cost and with the right management. It protects the assets we've accumulated over our lifetime and the families we've built, loved and cared for. A carefully thought out plan will give us control over what happens in the future with our assets and peace of mind in knowing that what we desire to do for our loved ones will actually come into fruition.
When you are done with your planning, you will more than likely feel pretty good, achieving peace of mind. We have all heard the stories of family members fighting over who should get what from their parent's estate. Ongoing sibling rivalries and distrust often come to the surface when a parent's estate has to be determined and distributed. If you do not want your death to potentially create family animosity or trigger a family feud, design your Final Expense and Estate Plan in advance. This will bring your family closer together instead of pushing them apart. When you have completed your planning, you will know that what you have done is in the best interest of your family by taking care of the ones you care about.
If you have any questions or would like additional information and assistance with getting started on your Final Expense and Estate Planning, please contact me.
Tina Little-Coltrane, Final Expense Advisor
Coltrane Insurance, Life/Health Insurance Broker
TinaColtrane.com or call 1-800-755-2896 ext 101
