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Placing your Affairs in Order

By Dr. David E. Marcinko MBA 

As a doctor, you face the realities of death on a daily basis. 

And so, if you are yourself diagnosed with a terminal illness the following may not be helpful to you, but might be of help your survivors:

· Increase liquidity to cover the costs of pre- and post- death expenses.

· Contract your local social security office to determine eligibility for  disability and death benefits.

· Determine the contents, and those you wish to have access to your safety deposit box(es).

· Since some states do not have death taxes, consider changing your domicile.

· Preserve your testimony to any outstanding claims or litigation regarding personal or professional affairs, through a formal legal deposition or other means. 

Also, as a lay or medical professional, consider organ donation since the supply of donated organs is dwarfed by the demand for them.  The Coalition on Donation is on a campaign to raise awareness of this need.  The decision to be an organ donation is personal and some healthcare professionals have philosophical or religious beliefs that prohibit this option. 

However, if you decide to be an organ donor, documentation and communication are the critical steps to insuring your wishes are carried out.

First, contact your local motor vehicle department and inform your family and loved ones. Then, inform your own personal physician in writing, and wear a donor identification bracelet – or something similar – that fits in your wallet or purse, so your wishes are known.

Assessment: Has the above information helped you turn a potential financial disaster into a manageable pitfall?

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Filed under: Financial Planning | Tagged: Estate Planning |