Alzheimer's Financial Issues

[migtig]

Originally Posted by ProfMoneyWise

Let me clarify. Put your plans in writing but keep your money as yours.

Having buried both my parents and having also pre-planned my own funeral, I will disagree with you.

The best thing you can do for your loved ones is pre-plan and pre-pay for your funeral.

[ProfMoneyWise]

Originally Posted by migtig

Having buried both my parents and having also pre-planned my own funeral, I will disagree with you.

The best thing you can do for your loved ones is pre-plan and pre-pay for your funeral.

This is what I did. See if you still disagree.

I pre-planned my funeral.

I pre-paid my funeral.

Difference is I put my pre-paid money into a fund that I control. This fund is invested in a family of solid companies included in the mutual fund where it resides.

I chose this route and feel we have done the same thing.

[SquirrelBait]

Originally Posted by ProfMoneyWise

This is what I did. See if you still disagree.

I pre-planned my funeral.

I pre-paid my funeral.

Difference is I put my pre-paid money into a fund that I control. This fund is invested in a family of solid companies included in the mutual fund where it resides.

I chose this route and feel we have done the same thing.

That is great and a wonderful plan till you need to go into long term care and Medicaid requires ALL your mutual funds/401K and so on to be cashed out and spent on your care before they take over. They do not care if its your after death money

Medicaid also looks back 5 years at all money that has been spent or transferred. When you feel the need to do something you better do it NOW

[ProfMoneyWise]

Originally Posted by SquirrelBait

That is great and a wonderful plan till you need to go into long term care and Medicaid requires ALL your mutual funds/401K and so on to be cashed out and spent on your care before they take over. They do not care if its your after death money

Medicaid also looks back 5 years at all money that has been spent or transferred. When you feel the need to do something you better do it NOW

The plan I described is for my funeral.

The plan needed to assist in paying for the scenario you describe is Long Term Care (LTC) insurance and/or your savings. I advise you to look into LTC as you reach the age of 50.

Many overlook the latter stages of life and the cost. This getting older costs money and it is not the Government's job to pay for it.

"They" in what you describe above is the US Government and I do not factor in relying upon the US Governemnt for my care.

I encourage all to have a plan that you control and one that does not rely upon the Government in any way. I encouraged this before our woes of the past years.

[DEEKAYPEE8569]

Originally Posted by ProfMoneyWise

The plan I described is for my funeral.

The plan needed to assist in paying for the scenario you describe is Long Term Care (LTC) insurance and/or your savings. I advise you to look into LTC as you reach the age of 50.

Many overlook the latter stages of life and the cost. This getting older costs money and it is not the Government's job to pay for it.

"They" in what you describe above is the US Government and I do not factor in relying upon the US Governemnt for my care.

I encourage all to have a plan that you control and one that does not rely upon the Government in any way. I encouraged this before our woes of the past years.

I just read through the treds in the Health section; about all the folks talking about those they've lost; now through blurry eyes I'm reading this.

PMW, you mention that you have things in place should you pass.
I myself need to seriously sit down and write 1) a Living Willl, should something happen if I'm hospitalized; and with Hydrocephalus, it's a strong liklihood; and 2) write a LWAT. I don't have anything other than a few posessions and a car; but I've been urged to document who I want to have what, should something happen to me.

These two treds have been a real day-downer, but I realize those things are parts of life.

[ProfMoneyWise]

Add in a Power of Attorney should you get knocked on the head and go sinker for a few months. We need to be able to get to your bank account to keep the lights on and your stuff off the curb for when you wake up.

It costs money to live. It costs money to age. It costs money to die. It costs money to do all the things in between.

[DEEKAYPEE8569]

Originally Posted by ProfMoneyWise

Add in a Power of Attorney should you get knocked on the head and go sinker for a few months. We need to be able to get to your bank account to keep the lights on and your stuff off the curb for when you wake up.

It costs money to live. It costs money to age. It costs money to die. It costs money to do all the things in between.

THAT'S what I forgot. Living Will only governs medical; like life support, should one be rendered "Brain Dead." PoA empowers someone to make decisions on your behalf should that happen. NOW I remember the difference.