Planning for Chronic Illness

Planning for Chronic Illness

By: Martin M. Shenkman, CPA, MBA, JD

Planning for Chronic Illness

Planning for chronic illness can be of great benefit for the future. You must address the issues at hand and then tailor them to the current situation you are in. You must have a plan prepared in advance before death to deal with the many legal and financial situations your family members will likely deal with in the event of your death. Here are some tips to ensure safety for your estate:

  • You must designate a power of attorney.

    - Be very cautious when you decide to designate this position.

    - You must take into account all future situations and occurrences.

  • You must take into account all religious views and beliefs.

    - Certain customs and traditions may play a role in many people’s estate wishes following death.

  • Re-evaluate your portfolio if your life timeline has been shortened tremendously.

    - If you have a very serious debilitating disease, your life span is significantly altered.

  • A living trust would be an appropriate policy to setup considering the situation.
  • Charitable donations under your estate are recommended.

    - Your estate is being given to a good and respectable cause.

    - Also the amount you donate funds research for a cure for that specific disease.

The above is a summary of a TV show episode on Piscataway Community Television Network, in Edison, New Jersey, and his guest Martin M. Shenkman, Esq. an estate planner in Paramus, New Jersey. Listen to the video clip of this segment on for more financial tips.



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