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a financial plan

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Posted 2/22/2011 10:27 PM (GMT 0)
One of the things I learned from this forum was to put in place a financial plan since hubby has a chronic condition, cirrhosis.  I want to say thank you to MamaLama for bringing that up.  It may have to occurred to me eventually, but her mention of it had the light bulb go on for me.

So, I have been working on it.  Today hubby and I signed home equity loan papers.  I hope and pray that we will never need to use the equity line.  We got this while he was still working, so we would have the 2 incomes.  This is the "just in case our whole world falls apart".  In case he needs in-home care, transplant expenses, if I lose my job because I am spending too much time taking care of hubby and we need living expenses until I get another job, whatever related to his health.  That's about the only thing we would risk our house for.

While setting this up will give some peace of mind, right now it is just making me feel sad.  Sad that he has cirrhosis. 

Thanks for letting me get it out of my head...

Emma

Posted 2/22/2011 10:54 PM (GMT 0)

Emma, that was a smart thing for you and hubby to do.  Hopefully, it will never be needed.

Hugs,

Connie

Posted 2/23/2011 2:51 AM (GMT 0)
Thanks Rick.  I don't want to go there...and don't think it will be an issue for us just yet.

My 97 yo Grandma did that.  Everything was paid for, dress and jewelry picked out, hymms selected, flowers paid for.  It was a gift to her family.

Emma

Posted 2/23/2011 3:10 AM (GMT 0)

Emma, my aunt did that, too.

Hugs,

Connie

Posted 2/23/2011 4:26 AM (GMT 0)
Wow, I didn't even think about this but thanks. Invaluable advice ! To add stress we're also in the process of trying to sell our house.
Posted 2/23/2011 4:41 AM (GMT 0)
KellyBelli-

We already had a family trust, wills, healthcare directive and power of attorney in place. The other things we have done since his dx was to get a long term care policy for me so I can be cared for if I become ill, we have updated our insurance and retirement beneficiaries, and I will be adding our oldest son to our safe deposit box. His dx also cemented his decision to start collecting social security at 62 (which will be later this year) instead of waiting until a later age.

Emma
Posted 2/23/2011 5:31 AM (GMT 0)
since Mike... I have done all of that for myself... there will be no guessing...
Posted 2/23/2011 6:15 AM (GMT 0)
Emma, if he applies for SSD and is approved, he will get the same amount that he would at full retirement age. This is what I did.

Hugs,
Connie
Posted 2/23/2011 7:41 PM (GMT 0)
Connie-he still is planning to work for another 18-24 months. He just wants to start collecting. When you do the math, you have to live until age 78 and collect from age 65 to 78 to make up for not collecting at 62.

He does not viewing himself as sick or a patient (I do that plenty for both of us!) He sees himself as a man with a condition...not unlike diabetes or similar. That the best he can do is not drink, eat well, take his meds, go to all his doctor appts, live his life.

Emma
Posted 2/23/2011 9:26 PM (GMT 0)
Rick, you were smart to get that done ahead of time. By the time my husband was diagnosed, and he lost his job, etc.....there is no insurance, etc to bury him. If something were to happen, I made him state out his wishes (cremation) just so I can avoid a fight with his family if it comes to that
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