Tips to Protect Finances When End of Life Planning

As more Baby Boomers reach retirement, a plan to protect financial assets for late in life is becoming increasingly important. Here are some key issues to go over when making end of life preparations:

• Make sure that your spouse knows all the details of your financial situation including debts and assets.
• State your funerary wishes now so cost can be determined and money set aside.
• Create a will with an attorney and keep it up to date in regards to assets and beneficiaries
• Know all Social Security benefits for both spouses.
• Always have a separate cash reserve based on your personal circumstances and anticipated expenses.

See Sharon Brandys, End of Life Planning: Five Tips to Protect Your Finances, Yahoo Finance, Apr. 21, 2015.