Tag Archives: Death

couple going through their estate plan

Protect Your Assets Today and After Your Death

couple going through their estate planWise investors know that they should diversify their portfolio if they want to make the most of their available funds. This protects their assets even if one industry collapses. What you should also remember is that the tide can be in your favor now, but one wrong move and you could lose everything.

Do the following to protect your assets now and for the future:

Update Your Estate Plan

Whether you have already planned your estate before or this is the first time you are doing it, you need to know certain terminologies and understand why you are doing what you are doing. Even skilled businessmen sometimes go to an estate planning lawyer not understanding what they need to sign, and that’s one big mistake on your part. Ask your estate planning lawyer in Utah about every step of the process and leave notes to refresh your mind later on.

Secure Your Investments

You may have been investing in a bit of bitcoin along with your other sources of funds, and this poses a unique situation after your death. The allure of cryptocurrencies is their ability to fly under the radar. Some individuals do not even tell their family that they dabble in cryptocurrencies. Unlike bank statements that reach your family at the time of your death, your crypto assets will remain hidden unless you have documented your ownership and left the password to your beneficiaries.

Invest in People

This right here is important because you cannot take your wealth with you in the afterlife. The way you treat people, however, will impact the way people would treat your family in return. If you treat people fairly, especially everyone in a blended or nuclear family, you are hopefully minimizing conflicts that arise from the division of your estate in the future.

You worked hard to make a name for yourself. Don’t let the assets you’ve acquired go to waste.

How Much Does It Cost to Die in Utah?

Funeral Services in Utah You can choose not to pay rent, look for a job, or even settle your taxes, but you can never escape death. Unless humans have found the elixir of immortality, you will die. The painful truth is the burden of funeral costs is not on you but your loved ones.

Give them the peace of mind and make your passing easier to cope by knowing how much it will cost you to die. This way, you can save and make good financial decisions while you still can.

If you’re living in Utah, take note of the following:

1. Funeral Services

On the average, an American spends more than $7,000 for funeral services. In Utah, it can go anywhere between $700 and $10,000 depending on how grand it is. To lower the costs, the Funeral Consumers Alliance of Utah recommends finding the cheapest — but desirable — service even if it means going beyond your city or town.

For instance, if you’re living in Salt Lake City, you may want to check a funeral home in Clearfield, such as Lindquist Mortuaries and Cemeteries, where services are likely more affordable. Doing so may save you as much as $2,000.

2. Estate Taxes

Estate taxes are taxes collected on properties left by the deceased. The amount can be a huge financial burden as it can cost your loved ones thousands to even millions of dollars depending on the assets you have. For this reason, some try to skirt around the law by gifting properties. Others, on the other hand, secure their assets through a life insurance policy.

In Utah, you don’t have to do these options since it doesn’t impose an inheritance tax, although it does have a pickup tax.

While you don’t have to pay inheritance tax in Utah anymore, your family may still end up paying some if you have assets in other states that charge estate taxes. To plan ahead, know the exemptions.

Be money savvy even in death. Know your potential expenses and plan well today.

Explaining Death: When Your Child Wants to Discuss Details About Dying

Burial Ceremony in Taylorsville Death is as common as life and that’s a fact. Unfortunately, for most new parents, discussing this natural phenomenon with their child can be awkward and uneasy. If your child asks about death in any form, keep these simple guidelines in mind.

Simplify

Nothing is more capable of setting unrealistic expectations than euphemisms. When something or someone has died, it’s best to deliver the news in as calm a manner as possible. Use words they can understand without sounding too harsh or heartless. If they ask questions about the deceased coming back, then state the fact that they can’t and explain why. Your child may go through different stages of grief, but it’s only natural. Let them ride it out and be there for them as they recover.

Use Real Life Examples

It’s not scarring for a child to see their parents cry. It may make them feel uneasy because it’s such vulnerable state that they know only children do. If you’re also affected by the death, especially if it’s your parent or sibling, don’t be too hard on yourself. If you need to hide from your kid as you cry in your room, do so. That way, your child can still look to you for much-needed grounding as you all grieve.

Talk About Customs

Don’t just drag your confused four-year-old to church and expect them to keep quiet during the funeral service. Letting your baby mull over death-centric traditions involving caskets during a Taylorsville burial ceremony can cause them additional emotional trauma. Explain what’s happening in a language your child can understand. When they ask questions, whisper them an answer or wait until the service is over before you explain.

Death and dying are part of human existence. To teach a small child about it is to entrust them with positive and mature values. The truth is a fully informed and educated youngster will grow up kinder, more respectful, and with fewer hang-ups about death.