Financial planning with serious health issues

Families that find themselves facing a healthcare crisis such as cancer find that their ability to work is greatly affected which, in turn, causes their household income to drastically decrease. It doesn’t take long before their credit card debt starts to pile up, retirement savings such as 401k’s and IRA’s are tapped out, and they stop being able to pay their household bills.

Many people find that they are unprepared to deal with the toll that a chronic illness or long-term disability takes on their finances. Cancer and other serious health issues can take a significant toll on a household’s income as cancer patients and caregivers have to put their jobs and careers on hold because of the treatment needs of the patient.  

Financial planning for people with serious health issues is crucial so that financial barriers don’t end up hindering a patient’s access to treatment and care. Safeguarding the patient’s and/or caregivers’ assets to ensure that they’re able to remain financially solvent is of primary importance.

Your attorney can help make the conversation easier

When facing the challenge of dealing with a serious health issue such as a diagnosis of cancer, it’s important to find a specialist who not only understands your financial needs, but also the emotional state of your family.

When a person becomes seriously ill and/or disabled, they may become unable to make personal and/or financial decisions. Therefore, someone must have the legal authority to do so which is why it’s so important to have an estate planning conversation with your family so that you’re not leaving your estate and financial affairs to chance.

Perhaps, the most important thing to consider is the tone of the discussion. Do you want the discussion to be among your family members or do you feel it would be beneficial to enlist the help of an estate planning attorney to act as a kind of facilitator?

Take into consideration the family members that you feel would be the best at handling the various estate planning responsibilities — health care proxy, financial power of attorney, guardian for your children or grandchildren, or the executor of your will.

Get the necessary estate planning paperwork drafted and notarized in order to make your wishes official, especially an advanced healthcare directive which states your preferences for medical treatment.

Getting your estate plan in place

If you are undergoing cancer treatment or have been diagnosed with a terminal disease, estate and financial planning with serious health issues is necessary so that your wishes will be carried out, especially if you reach a point where you are unable to express them yourself.

A living trust is a great estate planning tool because you can pass property and assets to your heirs without going through probate. The Law Office of David W. Foley has been practicing estate planning for more than 25 years.  We understand the financial burdens and estate planning needs of people who are facing serious health challenges and are familiar with most common estate planning mistakes.

You only need to visit our office when you come to sign your documents. We can communicate with you via email and phone. Contact us to begin the process.

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