End of Life Planning at Frisch Financial

End-of-life planning allows you to make personal, financial, and medical decisions in advance of your final days and provides the opportunity to ensure your family and loved ones can carry on in their lives from a foundation of financial stability. It is one of the most important things you can do for yourself and your family members, and Frisch Financial Group is here to help you every step of the way. We serve clients nationally out of our offices located in Melville, NY, New York City, Tampa, FL, and White Plains, NY.

WHAT TO KNOW ABOUT EOL PLANNING

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Let’s begin a conversation. Talking about end-of-life planning is never easy, but our compassionate, knowledgeable advisors are here to answer all your questions. We can offer you our guidance and support as you learn about the next steps that may be right for you and your family.

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What to Know About EOL Planning

End of life planning can be an emotional thing to think about and you may have lots of questions. It’s not uncommon to feel overwhelmed and unsure about where to begin. Information can provide a measure of comfort as you’ll see that there are steps you can take to help yourself and your family members prepare for what comes tomorrow.

Why is End of Life Planning Important?

Creating an end of life plan reduces uncertainty and lessens the burden on your family and loved ones, ensuring they won’t have to make difficult decisions on your behalf. By outlining your wishes in legal documents, you can express your care preferences for various medical treatment options so that your family, designated caregivers and healthcare providers have a clear understanding of your personal medical decisions. You maintain control over how your assets will be distributed and can name guardians for minor children. And you can provide peace of mind for your family members by specifying the funeral and burial arrangements you prefer. 

When you work with a financial advisor Financial Planning Services – Frisch Financial Group who takes a holistic planning approach, as part of your end of life planning, you can be certain that your family and loved ones will receive continued support as they navigate this period of transition. At Frisch Financial, Financial Planning Services – Frisch Financial Group we take the time to understand your family dynamics and what matters most to you. This allows us to offer personalized guidance and create a customized end of life plan tailored to your needs. 

What is End of Life Care?

End-of-life care refers to the services provided during the final stages of a person’s life, which may be hours, days, or even months. End of life care can take place in a hospital, at home, or in a long-term care facility and may involve palliative care or hospice care teams. This is often a coordinated effort from family members, nurses, social workers, support staff, and physicians. The care that is provided during this time is typically focused on keeping a patient as comfortable as possible and offering practical assistance with daily tasks while also addressing their mental, emotional and spiritual needs. 

When to Start End of Life Planning?

There’s no one-size-fits-all answer for when to begin end of life planning. Life is unpredictable, so starting early can give you and your family members peace of mind, knowing you’re prepared. While experts often suggest starting in your 30s, it’s not too late if you’re older or coping with the changes of a new medical diagnosis. Even in the later stages of life, you can still take important steps to organize your affairs. 

What Does an End of Life Plan Include?

Your family dynamics, financial resources, and personal values all influence end of life planning. No two people have the same exact circumstances, and your plan will be customized to your needs. An end of life plan may include:

  • Estate planning to make sure your legal documents are comprehensive and up to date. 
  • Health care planning to financially prepare for potential long term care needs. 
  • An insurance review to determine if your health and life insurance policies have adequate coverage levels and that your designated beneficiaries are current. 
  • Philanthropic planning. You may choose to set up charitable donations, trusts, and foundations so that works which are important to you can carry on in your name. 
  • Financial planning for retirement or business succession. A financial advisor who is an expert in end of life planning can incorporate strategies to make the most of your resources and help prepare your family for this transition. 
  • Funeral and burial arrangements. Cultural or religious traditions may impact the type of arrangements that you choose, but it is important that you take some time to consider what you want so that your family and loved ones can be assured that your final wishes are properly honored. There are a multitude of options available from traditional funeral and burial services to a memorial service or a celebration of life
  • Plans for continuing education and support for family members. A key part of end of life planning is equipping your loved ones with the knowledge and resources they will need to navigate the future. If you’ve been responsible for managing your family’s finances, they may require guidance on how to take over in your absence. At Frisch Financial, we can help prepare your family for this transition. Whether it’s educating your spouse or children on managing assets or facilitating communication during business succession, you can take comfort in knowing that we are a trusted partner in ensuring your family and loved ones have the tools and support they need to thrive.   
End-of-life document checklist

Before you create an end of life plan, it can be helpful to gather your important documents and information. Here’s a checklist of things to do and end of life documents you should have:

  • Make a list of your assets. Include bank accounts, retirement accounts, real estate, vehicles, investments, business interests, valuable personal property and any other assets.
  • Make a list of your liabilities. Include mortgages, loans, credit card debt, and any other financial obligations you may have. 
  • Create a secure list of all your logins and passwords to access your online accounts. 
  • Gather your important documents. This will include any personal, financial, and legal documents you may already have. 
  • Personal documents may include a birth certificate, Social Security card, marriage/divorce certificates, military service records, etc.
  • Financial documents may include bank statements, investment accounts, retirement accounts, insurance policies, deeds, vehicle titles, etc. 

Your end of life plan will be structured around the legal documents that are in your estate plan. If you do not have an estate plan, this is the time to establish one. If you do already have estate planning documents, they should be reviewed to ensure that they are up to date and accurately reflect your wishes. 

End of life planning documents include:

  • Last Will and Testament – This document lets you specify how you want your assets to be distributed and, if needed, allows you to name guardians for minor children.  Most states require that the person creating the will (the testator) must be at least 18 years old and of sound mind. The will must also be signed by the testator and witnessed by others.  
  • A trust or trusts – A trust is a tool that helps transfer assets according to your wishes while potentially reducing taxes and avoiding probate. Trusts fall into four main categories: living trusts, testamentary trusts, revocable trusts, and irrevocable trusts. A living trust is established during a person’s lifetime and can be either revocable or irrevocable. This type of trust may also be called an inter vivos trust. A testamentary trust is created after a person’s death according to their will. Since it’s established posthumously, it is irrevocable, and any changes must be made by amending the will before the trust creator passes away 
  • Financial Power of Attorney – This document lets you designate someone to act on your behalf in financial matters.
  • Healthcare Proxy – This may also be referred to as a Durable Medical Power of Attorney. This legal document tells medical providers who can make medical decisions on your behalf if you are not competent.
  • Living Will – This legally binding document allows you to express your wishes regarding your medical care in the event you cannot speak for yourself. You can address things such as heroic measures, pain management and organ donation.
  • Beneficiary designations – The individuals you designate to inherit your assets are called beneficiaries. These designations apply to assets like life insurance policies and retirement accounts. It’s important to keep them up to date to ensure they reflect your current wishes. 

Letter of Last Instruction – While not legally binding, this document allows you to provide additional clarity or personal instructions regarding your final wishes, such as your preferences for funeral and burial arrangements.

How Long Does an End Of Life Plan Last?

Once you’ve created the estate planning legal documents that form the foundation of your end of life plan, you can rest assured they won’t expire. However, it’s important not to overlook them. Significant life events – like marriage, divorce, or purchasing real estate – may require updates. You also have the option to make changes right up until your final days. For example, if you change your mind about certain medical decisions, your documents can be updated to reflect your wishes. It’s recommended to review your estate plan at least every three to five years. 

How Much Does End of Life Planning Cost?

Key factors will determine how much end of life planning will cost. If you consult with estate planning attorneys, tax accountants or other professionals in addition to your financial advisor, each may have their own associated costs.  

Resources

We have gathered a collection of resources for you to explore. You’ll find blogs from our advisors that offer more information about the different steps involved in end-of-life planning, a glossary of terms, and several helpful guides which you can download. Please use these as a starting point as you begin to familiarize yourself further.

Navigating Life After Loss: A GUIDE FOR MOVING FORWARD

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Embracing Tomorrow: THOUGHTFUL GUIDANCE TO PREPARE FOR THE FUTURE

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Glossary of Terms

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Embracing Tomorrow Infographic

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Navigating Loss Infographic

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Ready to Get Started? Contact Frisch Financial Group Today!

Choosing the right financial advisor for your end of life planning is a deeply personal decision. You need someone with expertise in this area – an advisor who has guided others through the same process and who understands the unique challenges it brings. At Frisch Financial, we offer compassionate, personalized guidance tailored to your needs. We listen carefully, respecting your values and family dynamics. We take the time to make sure that you understand all of your options and that you feel heard every step of the way. As fiduciaries, we are legally bound to act in your best interests. We’re here to be your partner, offering support and clarity during an emotional and often complex time. If you’re ready to begin exploring your end of life planning options, call us at 516-694-7900 or contact us Contact – Frisch Financial Group today. We’ll discuss how we can help ensure that both you and your family are well cared for – now and in the future.

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