Making wise financial moves helps you retain more of your assets. This principle holds no matter where you fall on the age spectrum.
A customized and comprehensive estate plan can protect your assets from the unpredictable nature of markets and personal upheavals.
The value of insurance
While each person or family has different needs, Forbes describes some of the most necessary insurance products. Auto insurance, health insurance and homeowners insurance stand at the top of the list. Though not normally thought of as estate planning these products help you maintain your assets during troubling times.
You can structure life insurance to meet your individual needs. Whether you opt for term life insurance or permanent life insurance, the right choice delivers financial protection in a variety of circumstances, often at an affordable price.
Long-term care insurance can protect your household from the high costs of advanced care. Without this type of coverage, a stay in an assisted living facility could drain many thousands of dollars from your net worth.
The importance of funeral planning
Funeral expenses rise each year so accounting for the cost of your funeral makes sense. The American Association of Retired Persons offers some important tips for funeral planning and payment methods.
A payable-on-death account sets aside money for a funeral. The beneficiary, a person you trust to do the right thing, gains access to the money upon the death of the account holder and uses the money for funeral payments. Many people also have veterans benefits that help pay for death expenses.
With funerals costing as much as $20,000, a customized estate plan protects your assets. It makes sure your money has the greatest value for your family.