Written by Becky Wilcox
Unfortunately, death is a debt we all must pay. Some people will pay their debt sooner than others. It’s a fact of life that everyone must die. Preparing for the end of your life can be a tough decision. The best way to prepare for the end of your life is when you’re young. However, many older people find it a necessity to prepare for life’s departure. Preparing for your death may not be something you want to think about. You can protect yourself, along with your loved ones, by preparing for your final wishes ahead of time. In fact, many older adults don’t want to be a burden to their children.
How Are Older Adults Planning For Their Death
There are two decisions older adults have to make about death: what happens after you die, and how to prepare for power of attorney if you’re unable to make your own decisions. Preparing for your death will determine your last will and testament. Many older adults use an estate tax to plan for their future. Get your affairs in order before you pass away to make life easier for you and your loved ones.
What Is An Estate Tax
An estate task is a levied tax against a deceased person’s property. You have assets imposed on your heir’s. However, it does not apply to the transfer to a surviving spouse. A surviving spouse must take out a marital deduction. Your property must meet an exclusion limit set by the law. If your estate is over the exclusion limit, your loved ones may end up owing an estate tax. An estate tax can be valued at a high rate and require careful planning. There is a difference between an estate tax and a gift tax.
Life Insurance Versus Estate Tax
A life insurance policy pays for your funeral and final expenses. You pay a monthly premium that allows you to designate a beneficiary. For example, your beneficiary will receive $50,000 to pay for your funeral, past due bills, and other expenses. Your life insurance policy allows you added dignity when you pass away. You can also use the money to help your spouse or dependents after you pass. If you have an estate tax, your life insurance policy passes on to your estate. You can talk to a professional estate tax expert for more details.
Why Hire A Professional Estate Tax Planner
A professional estate tax planner is an attorney with experience in state laws. They can draft your documents to allow everything to be carried out according to your last will and testament. They understand that one missing word or the wrong signature can have serious consequences. An attorney will have experience with the state laws that govern your estate. State laws are very
specific about what can and can’t be included in your will or trust. Hiring a professional will help you guarantee your wishes are legally carried out the right way after you’re gone.
Older adults don’t want to be a burden to their children and prepare for their death with estate planning. Aging is a time for transition and many older adults wonder about the next stage of their life. In fact, aging is a natural process, but planning is very important. You never want your loved ones to wrestle with your bills and what you would have wanted. Planning for the finals days of your life will leave your loved ones without stress. Relieve the burden of others guessing about your final wishes.
Planning will also cover your medical wishes. Your estate tax is like your power of attorney. If you can’t handle your affairs at the end of your last days, your last will and testament can help. You’re creating a personal security plan for your last wishes. An estate tax is usually for wealthy people or individuals with a large estate. The Trump Administration has created tax estate cuts that aren’t set to expire until 2023. Dying isn’t something that we want to think about, but it will help your loved ones carry on after you’re gone. Show your family how much you care by planning for your final wishes.