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Have you taken any steps to protect yourself and your financial assets from Parkinson’s?
Having a disease like Parkinson’s can be an incredibly costly endeavor. And those of us with loved ones may also worry about the way our lives and deaths will impact them.
My dad’s response to this has been to teach us about the logistics of his property, and his assets. He also makes somewhat regular updates to his will. While I never really want to think about the way Parkinson’s may impact my dad’s financial and overall well-being, I think he’s wise to be looking at his situation and finding ways to equip us with knowledge.
Have you taken any steps to protect yourself and your assets from Parkinson’s?
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10 Replies
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We established a Legacy Trust ten years ago to avoid probate and get advice from the attorney if he needs nursing care. It includes our wills our power of attorney, our advance directives/living wills and a few other things.
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What kind of things can you do to protect your assets from pd
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My wife has Parkinson’s and we’d like to estimate the associated additional expenses that we can expect so that we can include this into our financial planning. If anyone has any advice on where to find such information it would be greatly appreciated.
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I found this article and plan to read it thoroughly. https://www.payingforseniorcare.com/parkinsons/financial-assistance
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Marjorie, Thanks so much for the article, I look forward to reading it! Dan
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My husband was always a planner for retirement his whole working career. Then at 48 bam, early onset hit. So he shifted how his money earns, and we are pretty well set up. His mom had a will and it still went through probate. The attorneys are saying everything goes to probate these days due to relatives coming out of the woods to lay claim to an estate. So we continually evaluate.
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A trust helps you avoid probate. A will always goes to probate. Glad you are doing well.
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Years ago, long before PD was ever on the radar, I took advantage of my employer’s offer to provide long term care insurance. We’ll see how that works out in a few years.
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We have had long-term care insurance for a few years, ever since I saw the need for it after my Dad’s Alzheimer’s. It will help when things get really bad, but not before.
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This is a really important topic. Mary Beth, do you have any advice for children/grandchildren and other dependents who want to prompt their loved one with PD to start thinking about this matter? I imagine it can be a sensitive topic and some folks might not even know where to start or how to bring it up.
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