GRAND JUNCTION, Colo. (KREX) — January is financial awareness month, making it the ideal time for seniors to make sure their finances are in order, and not to be leaving behind a financial burden for their family.
"It's super important for seniors to actually have proper estate planning," said Omar Kaywan, co-founder of Smart Bunny Insurance.
Kaywan says to get in touch with a financial advisor in your area to ensure your money goes to the right place.
"In terms of who are they going to pass down to. What is the inheritance going to look like? What is the inheritance tax implications, if any depending on the state that they live in."
According to a recent survey, 1 in 4 adults over 77 don't have life insurance and among people ages 65-74, 65% have debts. Tack on the average cost of a funeral in the U.S., a little less than $8,000, and that could be a heavy burden for your family if action to alleviate it is not taken.
Kaywan says if the relative you are planning for is out of state, search up registered wills and estate planning services in their area to make sure it meets requirements.
"If you look at different platforms for will planning and for estate planning and you go through the drop-down of the state you live in, all those rules and regulations will populate."
Kaywan also says to take your time and research different alternatives, because the cost of estate planning could vary depending on who you choose.