A terminal illness diagnosis when you are still young and have amassed considerable assets is a terrible blow. You likely worked hard to build a successful career and financial security but now face the harsh reality of leaving it all behind.
While coming to terms with your mortality is paramount, there are other aspects to consider: the impact on your loved ones and your assets. Below are some critical end-of-life estate planning issues to think about after your diagnosis.
Will your parents be okay?
Many young adults have not had the chance to see their parents through retirement. Unfortunately, your terminal illness can leave them financially vulnerable, especially if you already provide support.
Through estate planning, you can designate assets to help cover their living expenses, medical care and established lifestyle.
Will your legacy survive?
For young entrepreneurs who have built a successful brand, their business and life’s work is a legacy. You will want to make sure it continues after you leave this world.
Estate planning allows you to designate a successor, ensure smooth business continuity, and protect your business intellectual property.
What will happen to your investment portfolio?
Your investment portfolio may be a significant asset you want to leave to loved ones. However, these assets can impose large tax burdens on your beneficiaries.
Clear estate planning documents distribute your investments according to your wishes, possibly minimizing taxes and maximizing the benefit for your beneficiaries.
Creating a solid will, various trusts, powers of attorney and maintaining up-to-date beneficiary designations gives you a complete plan that safeguards the people and issues you care most about. Speak to a California estate planning representative to learn more.
