What do you need to know to care for a sick spouse
Even if you and your spouse are in good health, you will find important steps outlined in this episode to help you be better prepared as a precaution. Start your journey to financial independence by getting rid of any credit card debt with the free, 7-Step Credit Card Debt Slasher.
Why financial planning is essential to care for your same-sex spouse in case you pass away first?
Richard reached out to us in an email with the following concern: “My husband has advanced Parkinson’s. I want to make sure that he is looked after if I die before him. My health has declined over the last few years due to a stroke. I’m happy to say that we’re debt free, other than a mortgage under $10,000. Any thoughts are appreciated.” And Rich is not alone. According to the US Census Bureau, 18.2 million people 65 and older reported having at least one disability. So, how do you protect yourself in retirement if your health declines? And how do you build a financial plan that cares for your same-sex spouse should you pass away first?
On this episode of Queer Money, we discuss how to care for a sick spouse in case of your death. We explain why it’s crucial to consolidate all your financial information and create a secure file of account numbers, insurance and healthcare information. We challenge you to make sure all of your accounts list your spouse as beneficiary and describe what happens to your assets if you die without a will.
Listen in for insight on drafting a survivor’s trust with contingencies to care for your spouse and learn how to maximize insurance benefits to protect you and your partner at the end of your lives.
Listen to our discussion on how to care for a sick spouse
Topics covered on how to care for a sick spouse
- Why it’s crucial to consolidate all of your financial information
- How to create a secure file of account numbers, insurance and healthcare information
- What it means to establish a durable power of attorney
- Why you might want to create a special needs trust if you or your spouse are on Medicare
- How life insurance helps your surviving spouse, while long-term care insurance benefits you
- What happens to your assets if you die without a will
- Drafting a Survivor’s Trust with contingencies to give your spouse the care they’ll need should you pass away first
- How to draft your do not resuscitate orders in alignment with your wishes
- Making sure ALL your accounts list your spouse as beneficiary
- Why it’s important to list your spouse as co-owner on real estate assets
- Why you should consider getting an annuity in there’s any concern you or your spouse might outlive your money
Resources on how to care for your sick spouse
- LegalZoom on DPOA
- Financial Planning for Special Needs Kids on Queer Money EP149
- Social Security Administration
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Watch this week’s episode on how to care for a sick spouse
Previous 3 Podcast Episodes
- Active vs Passive Investing: Why You Don’t Need an Advisor
- The Top LGBT Inclusive Cities for Business
- Why We’re So Bad at Predicting Happiness
We’re David and John Auten-Schneider, the Debt Free Guys (www.debtfreeguys.com) and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.