Power of Attorney, Insurance, and Financial Decisions Related to Aging and Death

with David Kimbrough

When a loved one dies the emotional and grief issues the family is dealing with are overwhelming enough. But nonetheless, a hard reality that someone has to deal with is the financial, legal, and insurance related issues the deceased has left behind. These may include power of attorney, estate distribution, and beneficiary issues among many others. In this conversation David Kimbrough, a CPA walks through many of the common legal issues related to caring for aging parents and the ways to handle the family member’s finances and estate once they’ve passed away. There are so many issues to be aware of and David does a great job of simplifying and unpacking the details you need to know in this conversation.

When do you need a power of attorney and how do you get one?

As parents or other family members begin to decline in health it’s always a good idea that they appoint a trusted individual as their power of attorney. That’s legal-speak for the person who has the legal authority to make financial and legal decisions on their behalf should they become incapable of making those decisions for themselves. In this conversation, David Kimbrough outlines how a person can wisely go about appointing a power of attorney and what that person can and cannot do in that position. It’s valuable information to know and a vital item that you may need to understand if you have aging parents or loved ones.

Many people don’t think far enough ahead when it comes to their own death.

We hear stories all the time of people who pass away without having made any plans for their estate or assets. The government gets involved, lawyers get involved, and the situation becomes quite difficult and laborious for the surviving family members left behind. From simple issues like power of attorney to a clear and practical last will and testament, there are many things you can do ahead of time, while you are still healthy and strong that will make the already difficult circumstances of your own passing much easier for your family to handle. David Kimbrough, CPA has a great deal of valuable information and advice for you in this conversation.

Who pays the taxes of a person who has died?

It may sound like a silly question to ask but it makes sense that many people don’t know the answer. Once a person has passed away they are obviously not able to pay their own taxes. So what happens? Are those taxes no longer required? If not, who is responsible to pay them? It’s questions like this that made it needful for an expert like David Kimbrough, CPA to be a guest on this Family Caregiver Summit. He’s got the answers to both the simple and complicated financial questions surrounding aging and death and shares them freely in this conversation.

Do you know how to make a claim on a life insurance policy?

When a loved one passes away one of the legal matters that needs to be dealt with is making claims on life insurance policies. The person who passed away purchased the policy to ensure that those left behind would be taken care of financially upon the event of their death, so it’s like their last gift to the family. But actually making the claim can be difficult to do for emotional reasons, and confusing as well. David Kimbrough has some great advice for those who find themselves in the position of executor and have to deal with these financial and legal issues, so be sure you listen to this great interview.

What You’ll Discover in this Interview:

  • Who David Kimbrough is and how his service is helpful to caregivers.
  • The most common mistakes people make when it comes to estate planning.
  • Tax issues concerning hiring and paying a caregiver.
  • When a person dies, who is responsible for their taxes?
  • Establishing and understanding trusts.
  • Insurance policies survivors need to know about and find.
  • Discovering corporate and retirement related benefits for those who have passed away.
  • What can a person do to make end of life legal issues easier.
  • The big mistakes caregivers make financially after a family member dies.
  • Best next step listeners can take in these areas.

This Power of Attorney, Insurance, and Financial Decisions package includes a 45-minute MP3 interview, transcript and Action Sheet. $28

Insurance and Financial Decisions Related to Aging and Death