If You Are Taking Care of A Terminally Ill Spouse

Financial Planning Situation

Victoria and Bob have been married for 35 years. Bob works as an engineer in South Hill, VA with the department of energy. Recently, he was diagnosed with AML and has been told his days are limited.

Here are some thoughts Victoria is struggling with:

• She is emotionally very overwhelmed. She needs someone by her side who can think more rationally and execute decisions in a timely manner.
• While Victoria needs to take care of the household all by herself, she also needs to support her husband with whatever medical treatments he can get. She needs guidance on how she can manage all the work load.
• Above all, she wants to make sense of her finances, which were always done by Bob, and make sure she can stay on top of it.

These client stories are based on hypothetical, fictional situations.

Planning Process

We are truly sorry to hear about your husband's condition. During this difficult time, it is important to have open and honest discussions with us to ensure you are prepared for the financial implications of his illness. Here are some topics you should discuss with us:

• Medical Expenses: Talk to us about the anticipated medical expenses related to your husband's illness. We can help you estimate costs, explore insurance coverage, and create a plan to manage these expenses.
• Insurance Coverage: Review your health insurance policy to understand coverage for medical treatments, medications, and hospice care. We can help you determine if there are any gaps in coverage or if additional insurance is needed.
• Disability Benefits: If your husband has disability insurance, discuss the process for filing a claim and how the benefits can help support you both during this time.
• End-of-Life Planning: Work with us to discuss end-of-life arrangements, including funeral costs, burial or cremation expenses, and related financial considerations.
• Estate Planning: Review your estate planning documents, such as wills, trusts, and powers of attorney. If these documents need updates to reflect your husband's condition, we can guide you through the necessary changes.
• Beneficiary Designations: Review beneficiary designations on retirement accounts, life insurance policies, and other financial assets to ensure they reflect your husband's wishes and your needs.
• Long-Term Care Planning: If your husband requires long-term care, discuss options for care facilities, home care, and associated costs. We can help you explore financing strategies.
• Income Replacement: If your husband's illness affects his ability to work, discuss how you can replace his income through savings, disability benefits, or other resources.
• Social Security and Pension Planning: If your husband is eligible for Social Security benefits or has a pension, discuss the implications of his illness on these benefits and how they can best support your financial needs.
• Debt Management: Review outstanding debts and discuss a plan for managing them during this challenging time. We can help you prioritize and negotiate if necessary.
• Caregiver Support: If you are taking on the role of caregiver, discuss the potential impact on your own work, income, and overall financial situation. We can help you navigate these changes.
• Legacy Planning: If your husband wishes to leave a legacy, work with us to ensure his wishes are fulfilled through estate planning, charitable giving, or other means.
• Financial Counseling: A terminal illness can bring emotional and financial stress. We can provide emotional support and guide you through difficult decisions with compassion.
• Emergency Fund: If you don't have one already, discuss the importance of having an emergency fund in place to cover unexpected expenses during this challenging time.

It's essential to have these discussions with a compassionate and experienced financial planner who understands the unique challenges you are facing. We can help you make informed decisions and create a financial plan that supports both you and your husband as you navigate this difficult journey.