3 Financial Questions about Life-Threatening Illnesses
An article in Forbes recently highlighted some of the important financial issues that those who have
been diagnosed with a serious or life-threatening condition should consider. Though financial
questions may be the last thing you want to think of if you are facing this situation, ignoring these
issues won't make them go away. If you face them now, your family and loved ones may have an easier
time of it later on.
Question 1: What should I do about my taxable income?
People who are facing serious medical treatments may not always have all the medical expenses
covered under insurance. However, those expenses that are not covered by insurance are often tax
deductible. At the same time, though you may be able to deduct these expenses, your taxable income
may significantly decrease, effectively voiding the deductions. To counter this, you may want to
consider taking an early withdrawal from your retirement account. This will boost your taxable income
and allow you to gain the most benefit from the deduction.
Question 2: When will my family get my property?
Certain property you leave behind will go to new owners only after it passes through the probate
process. In order to make this process go more smoothly, you may be able to opt for a simplified
probate process in your state. Otherwise, you can develop an estate plan which ensures that as little
property as possible has to go through probate.
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estate planning and business planning resources to residents of Fayetteville AR. To learn more about
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