6 key financial steps for the terminally ill

THE plight of discussing money matters with a loved one facing terminal illness is immeasurable. Words like morbid and callous will run through your head just by thinking about it. Trust me I’ve been in that situation. No matter the circumstance, caring

nearing the end of their lives is overwhelming to say the least. Unfortunately, letting emotions and taboos take control during this crucial moments may lead to family discord during the healing process. Openly discussing money matters are

end of life, the same way pallative care is discussed.

Having to personally care for a terminally ill loved one for three months gave me a front row seat on the gruesome yet critical affair of financial discussions during an end life circumstance. Let me share with you what I’ve learned during the process.

1.

Candid and kind communication.

This should be the tone of the discussion and communication that must be done the earliest possible time. Don’t wait until the patient is incoherent before communication is initiated. Letting the whole family sit down and talk about money concerns might be daunting but it ensures that no compounding burden will

traumatic situation. Patients with life threatening conditions have a lot of things on their minds. Eliminating a concern policy with a minor as a beneficiary will certainly lead to

- ceive insurance proceeds. Court proceedings will be required to appoint a custodian or guardian for minors. The whole process entails cost not to mention the inconvenience that comes with it. Discuss changing the

patient trusts and is capable of responsibly handling the insurance proceeds. Additionally, it’s

- ciaries to irrevocable status to avoid paying possible estate tax on insurance proceeds.

5.

Advance medical directives and special power of attorney.

Prepare a document that stipulates the patient’s will in case she suffers communication disorder. Typically, it includes instruction like “resuscitate” or “don’t resuscitate.” This enables the medical team to carry out the wishes of the patient and removing the undue burden to family members in making a tough medical decision. The Special Power of Attorney, on the other hand, effectively appoints someone to act on behalf of the patient. This is very useful in case the patient becomes incapacitated.

6. Help the patient in preparing a letter of instruction detailing wishes

Patient’s wishes.