Planning Ahead - Estate Concerns

/ Planning Within Reach - Memphis/

Dear Linda,

My father was recently diagnosed with a serious progressive illness. After the initial shock, my siblings and I feel this is a good time to make sure his finances are in order, particularly with regards to estate planning. What do you recommend?

Dear Reader,

Have your father meet with an estate planning attorney licensed in his state. This type of lawyer specializes in making sure a client's wishes, with regards to one's finances, are met in the event of a disability or death. The attorney will prepare some, or all, of the following:

- Living Will - This names someone to act on his behalf if he can no longer make his own medical decisions. - Durable Power of Attorney Financial - This names someone to manage his finances if he can no longer do it on his own due to a disability. - Will - This document outlines how he wants to distribute his assets upon his death. - Living Trust - This is a separate legal entity that can ensure assets do not pass through probate.

Other things you can do:

- Help your father inventory his assets and debts to make sure they are titled properly. - Have him generate the beneficiary designations on all life insurance and retirement accounts to confirm the named beneficiary is accurate.

Linda Rogers, CFP®, EA, MSBA is the owner and founder of Planning Within Reach, LLC (PWR). Originally from New Jersey, Linda services clients throughout San Diego county and nationwide. She leads the design of PWR's investment portfolios which utilize broad, low-cost investments that integrate environmentally, socially, and governance (ESG) factors.

Planning Within Reach, LLC (PWR) is a fee-only and fiduciary wealth management firm offering one-time comprehensive financial planning, ongoing impact-focused investment management and tax preparation services in San Diego and nationwide. PWR is a woman-owned firm that specializes in busy professionals and impact investors. Planning Within Reach, LLC and their advisors do not receive commissions and do not hold any insurance licenses or brokerage relationships.