3 Financial Questions about Life-Threatening Illnesses
July 17, 2012 By Deborah Sexton Law Office, PA
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.
ABOUT THE AUTHOR: Deborah Sexton
Experienced estate planning attorneys Fayetteville AR of the Deborah Sexton Law Office PA offers estate planning and business planning resources to residents of Fayetteville AR.
Copyright Deborah Sexton Law Office, PA
More information about Deborah Sexton Law Office, PA
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
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.
ABOUT THE AUTHOR: Deborah Sexton
Experienced estate planning attorneys Fayetteville AR of the Deborah Sexton Law Office PA offers estate planning and business planning resources to residents of Fayetteville AR.
Copyright Deborah Sexton Law Office, PA
More information about Deborah Sexton Law Office, PA
View all articles published by Deborah Sexton Law Office, PA
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
