Estate planners play a critical role for clients facing terminal illnesses. Helping a terminally ill client get their financial affairs in order early in the process enables them to have the peace of mind needed to spend the time they have left in a meaningful way.
It is essential for estate planners to complete a thorough review of their clients existing estate plan as well as their current assets and determine what actions should be taken to minimize tax exposure and probate costs. In addition to these fundamental estate planning duties, there are special considerations that should be considered when advising individuals who have been diagnosed with mesothelioma.
Planning opportunities for clients with mesothelioma
One of the challenges with terminally ill clients is ensuring they have sufficient income to take advantage of medical deductions. Often, estate planners will encourage clients to take an early withdrawal from their retirement to boost their income. Clients with mesothelioma may be better served by leaving their retirement in place and pursuing a claim for asbestos exposure.
Individuals with mesothelioma often have a right to recover compensation from their exposure, but it is critical that clients initiate these claims as soon as possible to ensure they have their day in court before they pass away. In addition to providing additional income, the client will also be able to recover damages for pain and suffering, which will be lost once the client passes away.
Clients coming to grips with a mesothelioma diagnosis may not be aware of all of the options available to them. An estate planner can help their client by ensuring they talk with an experienced mesothelioma claims attorney so they can take advantage of every opportunity available to them.