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Planning During Terminal Illness

By Sidney Kess, James R. Grimaldi, and James A.J. Revels
CPA Journal
May 2018 Issue

Being diagnosed with a terminal illness is a profoundly emotional event that also raises many important financial questions. Financial planners can help provide the answers. The authors provide an overview of the financial considerations applicable to individuals facing a terminal illness, including the taxation of disability and life insurance and the necessity of comprehensive estate planning.

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When a person is terminally ill, the emotional impact on the individual and caregivers cannot be overstated. Nevertheless, there also are financial implications to the diagnosis that cannot be overlooked. Financial advisors can help handle these details, for the ill individual as well as a spouse, children, or other related parties. Astute planning can help the dying individual be physically comfortable and retain assets that can be passed to loved ones.


Published with permission from the CPA Journal.

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