When one spouse falls ill, it creates a new reality for your family. Here are three tips to help you prepare for an unexpected illness or injury in your family.
Create a Contingency Plan
You and your spouse should establish a plan that addresses your financial needs, healthcare needs, and personal upkeep.
Financial: If your spouse is the one who primarily works with the family’s finances, decide who will take over if your spouse is unable to continue functioning as usual. It could be you, your children, or an appointed power of attorney.
Healthcare: Having your medical wishes written down can help your family advocate on your behalf in the event you’re unable to speak.
Personal Upkeep: If your health declines, how do you foresee your daily needs being met? Will your family serve as caretakers, would you like live-in help, or to move to a senior living residence?
Understand Your Income Sources
Do you and your spouse both know where your income comes from? Does your spouse’s pension plan have a beneficiary component? If one of you were to pass away and pension payouts were reduced/stopped, how would the other maintain income? (Hint: Call your pension advisor and financial advisor!)
Understand what your other sources of income are (from investments, Social Security, bituach leumi, etc.) and how the overall income compares to your expenses. Having this knowledge now enables you to prepare well in advance. If your husband becomes sick, for example, you may choose to adjust your investment portfolio to provide greater income, reduce your current spending, or perhaps move accounts into your individual name which would minimize stress if he would be unable to sign financial documents.
Review Estate Documents
As you age, it becomes increasingly more important to review your estate planning documents. While your financial advisor can’t provide legal advice, he can guide you with the questions you should ask your lawyer to ensure your estate plans are properly established and regularly reevaluated.
Opening and maintaining your U.S. investment accounts with Profile means working with a team that takes a proactive approach to help you prepare for the unexpected. If you’d like to learn more about how we serve olim with cross-border investment portfolios, call 02-624-2788 or contact us here.
Douglas Goldstein, CFP® is the director of Profile Investment Services, Ltd. www.Profile-Financial.com. He is a licensed financial professional both in the U.S. and Israel. Call (02) 624-2788 for a consultation on how to set up your American assets to meet your financial goals. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates. Neither PRG nor its affiliates give tax or legal advice.
Published May 14, 2024.