It is not easy to broach topics about our mortality, but one of the most meaningful gifts we give our loved ones is addressing these topics proactively.
Let’s talk about some basic planning that we all may need to consider:
• Is your Will, Power of Attorney, and Medical Power of Attorney, up to date or is the one you have “stale” because of changes in your family (step children, second marriage, grandchildren, etc)?
• Do you have life insurance so that your loved ones could be financially secure if your income no longer was available? It provides an influx of cash at one’s death so that funds are there to pay bills for tuition and mortgages, to replace the Social Security benefit that will be lost, or to bolster savings.
• Have you inventoried your assets and liabilities? One of the most difficult steps at a person’s death is to piece together what they owned, or owed. Give you and your loved ones the gift of being organized with account numbers, passwords, and other important information in one place. Make sure that both spouses are aware of the various holdings, income sources, and debts.
Every day in my financial planning practice we discuss these difficult topics because not addressing these issues provides much confusion and lack of options at one’s passing. Contact me if you would like to discuss further.
Deborah E. Pajak, CFP®, CLTC, ChFC®, CDFA™ is a registered representative of and offers securities, investment advisory and financial planning services through MML Investor Services, LLC. Member SIPC. 5001 Louise Drive, Mechanicsburg, PA 17055, 717.791.3300. Neither MML Investors Services nor any of its employees or agents are authorized to give legal or tax advice. Consult your own personal attorney legal or tax counsel for advice on specific legal and tax matters. CRN201903-227652