13 Jan Death and taxes…and inflation
Death is not something that many people enjoy discussing. In fact, it’s something we might try to avoid talking about altogether. The idea that it won’t happen to me anytime soon, I’m only 40. Perhaps there are other reasons related to cultural or religious beliefs, for not broaching this subject. We may also believe that by not talking about it, denying this truth, that we will escape our fate.
If we fully embrace and accept the inevitable, we could take the necessary action to prepare and make our passing for our loved ones easier.
When a death occurs, there are many expenses that come into play. Starting with the funeral, costs include: professional service fees, cemetery and/or crematorium costs, merchandise and other related fees, documentation charges and expenses.
Historically, the costs of funeral service have doubled every 10 years. In BC, the average funeral with burial costing $15,000 – $20,000 and the average cost for cremation with no service costing $2,500 – $3,500. With inflation, in just 10 years those same services may cost upwards of $30,000 – $40,000 and $5,000 – $7,000.
If you could pay for tomorrow’s funeral today, and save the needless cost of inflation, would you consider it?
Above the costs of the funeral, your survivors may be saddled with many other expenses related to your passing such as housing costs whether it be rent or mortgage, utilities, car payments, insurance and caring for dependents. How much would your survivors need during this transition period? Consider for a moment what it would take to keep your boat afloat for just 1 month. Would $5,000, $10,000 or $15,000 provide enough immediate financial support?
Take this for what it is – information. Information arming you to make the best decision for your survivors when that inevitable time comes.
Interested on learning more about planning for your future?
Connect with a Case Manager to discuss your options.