Financial Planning During Illness

Individuals and families coping with a serious illness often find themselves faced with many medical issues that can easily become all consuming. Yet it is important to remember the matter of finances is key during this uncertain time. Proper planning can help you access the money you need to cover current medical costs while still providing for your family’s future. Unfortunately, many families do not have a support system in place for this type of planning, nor do they know where to go to ask questions, or even what questions to ask. For those who already have a financial plan in place, it may be necessary to make changes to it after receiving a diagnosis which will have a significant impact on your health.

MACRO Consulting Group has assisted many families coping with serious illness over the years. We understand your feelings of confusion about financial matters as they relate to your diagnosis and can appreciate your concerns for the bigger picture. Our firm offers guidelines to help you make the changes that are easily made on your own and to help you understand when the assistance of a professional may be required. Please contact us for more detailed information about the topics below.

Important Legal Documents

  • The Advantages of a Will
  • Advance Health Care Directives/Living Wills
  • Who Makes Medical Decisions When I Cannot?
  • What is a Revocable Living Trust?
  • How to Fund Your Revocable Living Trust
  • What is a GRIT (Grantor-Retained Interest Trust)?
  • What is a Personal Residence GRIT?

Tax & Estate Planning Issues

  • The Need for Estate Planning
  • Stretch IRAs Explained
  • Income in Respect of a Decedent (IRD)
  • Step Up in Basis
  • Holding Title
  • Joint Tenancy
  • Transfer on Death
  • Beneficiary Designations

Income During & After Illness

  • Loans from Qualified Plans
  • What is a Reverse Mortgage?
  • How Does a Reverse Mortgage Work?
  • Avoiding IRS Penalties (Retirement Plan Distributions Before Age 59 1/2)

Insurance Planning

  • Disability Insurance
  • Critical Illness Insurance
  • Irrevocable Life Insurance Trust for a Single Person
  • Irrevocable Life Insurance Trust for a Married Couple
  • Taxation of Life Insurance Proceeds

Maximizing Assets to Heirs

  • Avoiding Probate
  • Stretch IRAs
    • How a Single Inherited IRA Works
    • How a Separate Inherited IRA Works
  • Step Up in Basis
  • The Federal Estate Tax
  • Beneficiary Considerations

Contact us today to learn more.

MACRO Consulting Group does not provide tax or legal advice. This material is for educational purposes only and is not intended to replace the advice of a qualified attorney, tax adviser, investment professional, or insurance agent. Before making any financial commitment regarding the issues discussed here, consult with the appropriate professional.