Most people don't talk about end-of-life planning enough, and it shouldn't be treated as a taboo topic. The first step is to have the conversation.

 

When you pass away, you can leave behind an inheritance or family conflict.

 

The realities around end-of-life aren't easy, but communication is key. Listen in to hear where you should focus and plan.

 

1. End of Life is Expensive (Listen in at 3:14)

It's important to know the current situation, but understand that the last years of life are often the most expensive. Healthcare cost can become astronomical and creating financial flexibility is important.

 

2. Be Careful About How You Receive An Inheritance (Listen in at 3:52)

It can be the best or worst tax treatment for you. 

If you receive funds from a retirement plan, that money will owe full income tax on it! If you take it as a lump sum you will pay taxes on it as though it were income.

 

 

The key is to communicate with your family prior  to needing end-of-life care. Think of what you want to leave to the ones you love most. Lastly, talk with a financial planner you trust before giving or receiving any funds.

 

It's better to give your family a good starting point for healthy conversations than leave them an inheritance of assets entangled with stress. 

Further episodes of The Chris Burns Show

Further podcasts by Chris Burns - Dynamic Money Founder & Principal, Chris Burns - CEO of Dynamic Money, Dynamic Money

Website of Chris Burns - Dynamic Money Founder & Principal, Chris Burns - CEO of Dynamic Money, Dynamic Money