It may not be the most exciting financial arrangement to consider, but the American Institute of Certified Public Accountants (AICPA) says everyone who has dependents, owns a business or property should make end-of-life plans to facilitate inheritance and succession.
AICPA is the professional association of CPAs which sets ethical standards for the profession and U.S. auditing standards. It is now offering a free guide to help navigate the complexities of end-of-life financial planning.
The guide, published jointly with the institute’s 360 Degrees of Financial Literacy program, covers a range of topics, including planning for yourself; dependents; your property and assets, including business ownership, retirement accounts and long-term and disability insurance; and your estate, which covers overall estate planning, wills and living trusts.
"The guide is meant for a wider group than just aging parents and their children," says Ted Sarenski, CPA/PFS, chair of the AICPA PrimePlus ElderCare Task Force, which developed the publication.
"The end of life does not discriminate according to age," he adds.
For those who are looking for ways to preserve and protect their wealth, some financial experts have also recommended converting liquid assets, especially U.S. dollars, into gold and silver. That is because many analyst have warned the government spending and the resulting massive budget deficit is setting the stage for hyperinflation in the next few years.