Nobody wants to think about dying, let alone talk about it. But the truth is, funerals are expensive. Long-term care is expensive, too. And unless you want to pass your debt down to your children, you need to make plans for the inevitable. There’s no need to wait until you pass that senior citizen milestone to begin thinking about end-of-life expenses. In fact, the sooner you begin putting money away and channeling your savings where you want it to go, the better you can provide for those you love after your absence. Speak with an elder-law attorney at Beasley & Ferber today for answers to all your frequently asked elder-care questions.
I’m Still Young. Why Do I Need to Start Elder Planning Now?
Tomorrow is not a sure thing, and if the unexpected should happen sooner than later, would your loved ones be financially prepared to go on without you?
Planning for the future means more than just financing a burial plot and prepaying a funeral home for your interment. It might also mean helping your spouse keep the house in the event of your death or keeping your kids in college should your income suddenly cease. By talking with a specialist in elder law, you can learn how to minimize the financial impact of your death on those you love.
Won’t My Life Insurance Pay for My Funeral?
Your life insurance will pay a death benefit to your beneficiary upon proof of your death, but it’s important to make sure that number is enough to do more than just offset the costs of your funeral. If you’re half of a two-income household, your absence will leave a huge financial hole. An elder law attorney can help you choose the right amount of coverage to suit your health, your lifestyle, and the cost of premiums you can afford.
As Long As I Provide for the Necessities, My Family Should Be Okay, Right?
Unfortunately, nobody has a crystal ball that helps them foresee what the necessities will be. And your quality of life as you age will play a major role. You may eventually need the services of a long-term care facility, and Medicare doesn’t typically cover this expense. Therefore, you’ll need protection for your assets, so your children aren’t denied their inheritance. Making an appointment with Beasley & Ferber can help you protect what’s rightfully yours. It can also help you better predict the sort of expenses you might accrue as you age.
I Don’t Have Children, So Why Should I Worry What Happens After I Die?
While it’s true your financial worries will cease upon death, there’s no guarantee that you won’t need help in the years leading up to your final exit. With no children to help care for you in your old age, you may need to hire a professional caregiver, and they don’t usually come free. If you begin planning now, you’ll be able to rest easier later.
When you’re ready to begin planning for your own elder care or for the care of an aging parent or other loved one, Beasley & Ferber is available to help. Contact us today to schedule a consultation.