10 Updates

Staring Down The Barrel Of A Gun: When Alzheimer's Strikes

Apr 1 2014, 10:20am CDT | by

I could see the look of concern on Pam’s face as she sat with her stack of files lined neatly beside her. She and Adam, both in their early 60′s, had been married for fifteen years and had recently...

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16 weeks ago

Staring Down The Barrel Of A Gun: When Alzheimer's Strikes

Apr 1 2014, 10:20am CDT | by

I could see the look of concern on Pam’s face as she sat with her stack of files lined neatly beside her.

She and Adam, both in their early 60′s, had been married for fifteen years and had recently relocated.  This was a second marriage for both and Adam had children from his first marriage.  They had built—and sold—a successful business together and had amassed a very respectable nest egg for their retirement. Their prospects for a great retirement were, well, golden. They had an array of pleasing choices and were looking forward to many years enjoying the fruits of their hard work.

And then Adam was diagnosed with a fairly aggressive case of Alzheimer’s.

His behavior and decision-making had become erratic and Pam was rightfully worried. Adam’s grown children from his first marriage weren’t particularly helpful and had been difficult since they married. Pam had way more on her plate than she could comfortably handle.

While they had saved a reasonable amount of assets for retirement, they didn’t consider the need for long-term care and how it would impact their wealth. Pam was anxious to ensure that her assets were properly managed and that became her clear and overriding goal, despite all of the issues put into motion by Adam’s diagnosis.

The most important first step in their case was a legal one.

That was a call for an Elder Care attorney who specializes in setting up a framework to protect her from what was most likely a financial nightmare of expense and legal difficulty.  The job of an Elder Care attorney is to protect assets in a legal and appropriate manner.  In this case, without this being properly tended to, Pam would be left nearly penniless to provide care for Adam.  They didn’t work so hard for that to happen.

Pam was rightfully anxious—legal and financial issues were not her strength or areas of expertise.  “We need to put this in the right order, Pam” I told her.  “You cannot afford a ‘ready, fire, aim’ scenario.  This needs to be by the numbers. Together, with your attorney and your CPA, we will see this through.  I’ll be there at every meeting with you.”

Pam exhaled and knew that she had to put her impatience on the back burner while the Elder Care attorney did his job. Then we would do ours. Step-by-step.  There was no better option.

Cases like this are heartbreakingly common—blended families bring with them challenges that need to be addressed while all parties are still healthy and able to make decisions.

Which is why you want to consider both estate and elder planning. Estate Planning allows each person to specify their wishes and desires for how their assets are to be distributed after their death(s). A good estate plan can make that dreadful time dealing with an estate somewhat easier. Elder planning deals with protecting assets while you’re still alive and perhaps unable to make good decisions. Having someone who is suffering from Alzheimer’s and unable to make decisions is like a living death, for all parties.

Elder Care Planning costs money.  But far less than the cost—financial and emotional—of not planning.

Source: Forbes Business

 
Update
10

6 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

Cambodia's Famous Battambang Circus
KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was told today ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

6 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

Sydney FC v West Ham United - Football United New Zealand Tour 2014
KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

6 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

Federal Aviation Administration Bans All US Flights To Israel
KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dewan Rakyat today ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

6 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk S ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

6 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

INDIA-CHINA-DIPLOMACY-TRADE
PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

Government Weekly Cabinet Meeting
KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in co ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk Seri Mustapa Moh ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

Iskandar Johor Open - Previews
JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocat ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

EurAsia Cup presented by DRB-HICOM - Day One
PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar Scheme 201 ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damansara Skyway (Ki ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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