Latest news with #endoflifeplanning
Yahoo
2 days ago
- Business
- Yahoo
7 lessons I learned about end-of-life planning when my mother died, as a financial advisor
Melissa Shaw became her mother's primary caregiver after a sudden terminal cancer diagnosis. Shaw, a financial advisor, learned crucial lessons about end-of-life planning and caregiving. Her biggest lessons include the importance of Medigap, healthcare proxies, and life insurance. This as-told-to essay is based on a conversation with Melissa Shaw, a 46-year-old financial advisor in Palo Alto, California. It has been edited for length and clarity. I've been a financial advisor since 2011 and have worked at Teachers Insurance and Annuity Association of America, or TIAA, as a wealth management advisor for over seven years. I help clients with estate and incapacity planning, but I encountered completely different issues when my own mother became terminally ill and I became her primary caregiver in October 2024. Her diagnosis was sudden. Doctors found stage four cancer that had metastasized to her back, causing a fracture. Within weeks, my family moved her from Las Vegas to Northern California to be closer to me. She died by the end of December — it was a two-month ordeal. Becoming her caregiver was emotionally intense Initially, she seemed fine, but she declined rapidly. It was shocking and unexpected. I visited the hospital daily and took on the bulk of decision-making responsibilities. Thankfully, TIAA offers generous caregiver benefits and flexibility, and I had savings to help cover unexpected costs. I've learned many valuable lessons through this experience about end-of-life planning. 1. Medicare supplemental plans are essential Since enrolling in Medicare at the age of 65, my mom opted for a Medigap (Medicare Supplement Insurance) plan instead of a Medicare Advantage plan, and that decision proved vital. Her Medigap plan covered 20% of medical costs that original Medicare didn't, including any doctor or procedure approved by Medicare, without referrals or prior authorizations. Every doctor she saw was relieved she had it. If you or a loved one is approaching 65 — especially with ongoing health issues — I strongly recommend researching Medigap options during the Medigap Open Enrollment Period, when insurers can't deny coverage or charge more due to pre-existing conditions. 2. Assign a designated healthcare decision-maker ASAP My mom didn't assign a designated decision-maker, and I couldn't make health decisions for her. When her health rapidly declined in the last three weeks of her life, she became barely cognizant and luckily was able to manage a scribbled signature for a necessary procedure. I started to prepare a POA and healthcare proxy, but by the time it was ready, she was no longer mentally competent enough to sign it. She signed an advanced directive form with the hospital when she started the cancer treatment, which allowed me to make some decisions on her behalf. I learned how imperative it is to name a health proxy at any age. 3. Banking may not be easily accessible After she died, we were unable to access her bank account funds for 45 days due to a waiting period intended to protect creditors. Luckily, she had a term life insurance policy that paid out quickly to help cover immediate expenses. Additionally, she didn't name a beneficiary for the bank accounts, which is a common mistake. Many assume that checking accounts don't need beneficiaries, but even modest balances may end up in probate, which can be a significant hassle. Also, the bank was unable to share her transaction history, so I had no way of knowing which bills had already been paid. 4. Sign up for life insurance We received her life insurance proceeds quickly; all that was required was a death certificate. Clients may want to consider insurance as a liquidity measure at death to cover immediate expenses, such as funeral costs and bills. 5. Prepare for end-of-life costs I was surprised by how expensive it is to bury someone. We were quoted up to $25,000 for burial plots in California. Even cremation, which we chose, came to around $23,000 after including the niche (a final resting spot to house cremated remains) and the funeral. Prepaying or researching in advance can prevent financial issues. 6. Prepare for the difficulties of caretaking I spent many nights in the hospital with my mom. Her condition changed from day to day; it was an emotional roller coaster. Balancing work, caregiving, and my own emotional health was difficult. I'm married, and my kids were 5 and 7 years old. I wasn't seeing them regularly during the two months she was sick. Luckily, TIAA offered eight weeks of caregiver leave. Many caregivers only have access to unpaid leave through the Family Medical Leave Act (FMLA), so it's important to plan for potential income loss. If you can take paid leave, do it, because it's tough to balance the emotional toll it takes. 7. Wills aren't everything Wills are essential for securing guardianship and expressing personal wishes, but they don't guarantee that all your assets will be transferred correctly. Retirement accounts, such as IRAs or 403(b)s, are typically passed by beneficiary designations, rather than through wills or trusts. Many other assets are passed via trusts. You should work with both a financial advisor and an estate attorney to discuss your needs. I did the best I could, but if I could do things differently, I would've taken an official leave from work to focus solely on caring for my mother. Read the original article on Business Insider
Fast Company
12-06-2025
- Health
- Fast Company
How to prepare for your digital legacy after death
From family photos in the cloud to email archives and social media accounts, the digital lives of Americans are extensive and growing. According to recent studies by the password management companies NordPass and Dashlane, the average internet user maintains more than 150 online accounts. Individuals produce hundreds of gigabytes of data each year. But few people have plans for what happens to that digital legacy after they die. Unlike physical possessions, online assets often don't pass smoothly from one generation to the next. Loved ones struggle to access important accounts or recover treasured photos. Many families face these challenges while already overwhelmed with grief. Most tech companies haven't kept up with this reality. Fewer than 15% of popular online platforms have clear systems for handling a user's death, and customer support is often limited, according to our new study. As people's 'digital footprints' expand, the lack of planning has become both a practical and emotional burden for families. This is especially true for older adults who may not be aware of the steps required to manage their digital estate. We are an associate professor of information science and a researcher at the University of Colorado Boulder. We are researching how to design technologies for people engaged in end-of-life planning for their data. First clinic of its kind We realized there was no organization or comprehensive website to help people navigate the technical, privacy, or practical challenges they were facing. In response, we launched what we believe is a first-of-its-kind solution: the Digital Legacy Clinic. Just as writing a will helps manage physical possessions after death, planning your digital legacy ensures that your online life is handled according to your wishes. Our clinic opened in late 2024. The free clinic offers support both to people planning for the end of their digital lives and to those managing the digital estates of loved ones who have died. Led by students and housed in the University of Colorado Boulder's information science department, the clinic operates much like a pro bono law clinic. Community members in the Denver and Boulder areas, as well as from across the country, can contact the clinic for help. First, a person interested in getting support fills out a simple form. Then, a member of the clinic will send a follow-up email to clarify and offer preliminary advice. Since every case is different, often clinic workers will then meet via Zoom with a client to create a personalized plan for them and their family. How the clinic helps The clinic offers guidance on a wide range of digital estate concerns, including setting up digital legacy tools such as trusted contacts on Google and Apple or legacy contacts on Facebook —someone you choose to manage your main profile after you've died. People can also get guidance on how to memorialize or delete social media or other online accounts after a loved one has died. For example, Facebook allows you to either memorialize an account or request its removal. To memorialize it, you'll need to submit a form with the person's name; date of death; proof of passing, such as an obituary; and verify your relationship to the deceased. Including these steps can help your loved ones manage a digital legacy with clarity and care. The clinic also helps people recover and preserve digital assets. That includes photos, videos, emails, and other important documents, such as legal documents stored on a Google Drive. For those who are planning for after they die, the clinic can guide them in creating a digital estate plan. That plan might include inventorying online accounts, documenting login credentials, and leaving instructions for account closure, or determining steps to email the documents to your lawyer. Students supporting their community The ongoing work of the clinic is run entirely by undergraduate and graduate students, who build and maintain the clinic's website, manage the client intake process, and research solutions tailored to each case. For the students, it's a hands-on learning opportunity that connects academic work to real-world needs. The experience is also professionally valuable. Students learn how to communicate complex tech topics with empathy, navigate privacy laws, and manage sensitive data responsibly. A resource for older adults While the Digital Legacy Clinic is available to people across the country, its location in Boulder makes it especially accessible to older adults in the Boulder and Denver areas who may prefer or benefit from in-person support. For older adults, the clinic can play a crucial role in helping them organize their digital lives while they're still alive. This can reduce confusion for loved ones later and even help prevent issues such as identity theft or account misuse. Many older adults now maintain extensive online presences, but they may not have the tools or knowledge to ensure their accounts are secure and accessible to people they trust.
