Who doesn’t want to create a positive, sustaining legacy for your loved ones? Legacies such as family traditions, lasting character traits, and possessions are valuable and important for the future, but so is leaving a positive financial legacy.
Planning for the future goes beyond personal gain and short-term goals; it also involves making wise financial decisions to secure the well-being of your loved ones after you’re gone.
Let’s delve into the critical aspects of legacy planning, exploring long-term care, prepaid funerals, and funeral services. These topics may seem depressing or overwhelming, but they do not have to be, and they play a huge role in creating a financial plan that safeguards your legacy and provides peace of mind.
Long-Term Care: Navigating the Challenges of Aging
As we age, the possibility of needing long-term care becomes a reality. Long-term care is the assistance required for individuals who can no longer perform daily activities independently due to health issues or age-related limitations. While it’s not a topic we like to dwell on, planning for potential long-term care needs is a responsible step toward ensuring your family’s financial security.
According to the U.S. Department of Health and Human Services Administration, almost 10 million people need some form of long-term care in the United States, and seventy percent of people turning 65 can expect to use some form during their lives. It is a subject that needs not only to be discussed but put into practice.
Long-term care can be expensive, and it’s essential to understand your options. Legacy financial planning involves considering factors like the type of care needed, whether
in-home care or a nursing facility, and the associated expenses. Having adequate insurance coverage or setting up specific funds can lighten or alleviate the financial burden on your family and allow them to focus on providing the care you need. Long-Term Care/MyCreditUnion.gov has helpful suggestions, recommendations, and resources to walk you through the process.
Funeral Services: Honoring a Life Well-Lived
Losing a loved one is undoubtedly one of the most emotionally challenging times, and the added financial burden of funeral expenses only causes more stress. Funeral services are a way to honor and remember a loved one’s life, but they can also incur significant costs. The costs can add up quickly, from caskets and urns to memorial ceremonies and burial plots.
When engaging in legacy financial planning, it’s essential to consider the expenses associated with various funeral services. Creating a comprehensive financial plan includes accounting for funeral expenses, whether, through a prepaid plan, life insurance, or a designated fund, it needs to be accomplished. Doing so ensures that your final wishes are respected, and your family is spared the financial strain that can accompany these services.
Prepaid Funerals: Relieving Financial Stress During Grief
Prepaid funerals offer a solution to this dilemma. By planning and prepaying for your funeral in advance, you relieve your family of the financial responsibility during a time of grieving.
Legacy financial planning encompasses not only providing for your family’s future but also easing their immediate burdens. Prepaid funerals allow you to customize your arrangements, ensuring your wishes are met and sparing your loved ones from making challenging decisions during a vulnerable period. Here is a resource to inform you on the different options available, Prepaid Funerals/MyCreditUnion.gov.
Building a Lasting Legacy
For more information, visit MyCreditUnion.gov
