Financial Planning

[Happyphysicist]

Does anyone know if there are financial planners who specialize in ALS/MNDs?

 

[sadandconfused]

I would contact a lawyer and get free consulation and see if they know.

 

[10steps]

Contact a lawyer who specializes in disability and elderly law. The first lawyer we saw(after diagnosis) made our will, etc. and said everything was set/fine. The lawyer that specialized in disability law immediately thought the will was insufficient. She put things in irrevocable trust..protects the house, life insurance payout...making what humble things we have untouchable to medicare. (My husband is 45) she also knew what programs and agencies to contact for our situation and she filled the forms out with us. she was a huge asset. My husband's brothers are financial planners so they already handle some things for us but the things they do haven't changed based on diagnosis...his brothers actually put us in touch with the lawyer.

 

[Happyphysicist]

Thanks you. That is very helpful.

 

[Happyphysicist]

Along the same lines are there any books out there about what to do if you have an illness like ALS in terms of finances, insurance etc. For instance, I know that at some point I won't be able to work and I will go on disability, does that mean the life insurance policy with my employer is no longer in effect? I have lots of little questions like this that I would think someone must have published a guide for.

Thanks!

 

[michael0314]

If your company has a HR person they are the ones to talk to about your company benefits. I am in the same position. I never thought of getting sick and having to quit my job so I never had life insurance other than work. I would be interested to hear what your find out if you have time. At my job we have long term disability after 6 mo. but when your are no longer employed you loose your life insuarance benefit. I know medicare/medicaid kicks in at some point and disability benifits at 6mo after disabled. Helpful but not an answer. Who can go 6 mo without working with one child in college and the other a year away form going. Good luck

 

[Miss]

Check and see if your life insurance policy is portable. Ours was. We pay the full premium now. Obviously, it is worth it.

 

[michael0314]

Oh how stupid I can be. The HR person said that I could pay the premium myself but it was very costly. So that is what stuck in my head. Your exactly right even if it is very expensive it will pay off. I actually find that humorous. lol I'm a sick puppy thank you

 

[Will]

My PALS got approved for long term disability (a benefit), and instead of canceling his company paid life insurance, they waived the premium and he still carry's the insurance. It is worth 1 year of his earnings.

I don't know if this is normal, but it was unexpected.