Page 7 - Southern Exposure - September '20

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Southern Exposure, Page 7

finAnCiAl foCuS

When Facing Illness, Take Control Of Finances

By Sally Sima Stahl
In light of the coronavirus Insurance – Depending on your health status, you may to your condition. If you still itemize tax deductions, you
pandemic, virtually all of us be able to collect Medicare earlier than the traditional may be able to deduct some medical expenses, as well as
have considered health- starting point at age 65. Even so, you’ll likely need to certain home improvements, such as wheelchair ramps,
related issues. But for people supplement it with additional coverage. But you may bathtub grab bars, motorized stairlifts and so on. Your
facing a serious, chronic also want to look beyond health insurance. For example, tax advisor may have suggestions appropriate for your
illness, such as Parkinson’s you might be able to purchase a “chronic illness rider” situation.
disease, multiple sclerosis, that allows you to tap into life insurance benefits while Dealing with a chronic illness is never easy. But by
diabetes or cancer, health you’re still alive. Or you might consider adding a “long- considering how your illness will affect all aspects of
concerns are an everyday term care rider” to a life insurance policy; this rider offers your life, getting the help you need, and taking the right
matter. If you’re fortunate, financial benefits if you ever require daily care that you steps, you may be able to reduce the financial stress on
you may never be afflicted can’t provide for yourself. And some foundations, states you and your loved ones.
with such maladies, but the and drug companies offer programs that can help pay for This article was written by Edward Jones for use by
future is unpredictable. Of course, going through these some costs that your insurance won’t cover. your local Edward Jones Financial Advisor.
health challenges bring physical and emotional concerns Legal arrangements – If you haven’t already done Edward Jones, its employees and financial advisors
– but also financial ones. How can you prepare for them? so, you may want to establish the legal documents most are not estate planners and cannot provide tax or legal
Essentially, you’ll need to consider four key areas: appropriate for your situation, such as a durable power advice.
investments, insurance, legal arrangements and taxes. of attorney for finances, which gives someone the Call me for a free portfolio review at (561) 748-7600,
Let’s take a quick look at each of them: authority to manage your financial affairs if you become Sally Sima Stahl, AAMS, 1851 W. Indiantown Road, Ste.
Investments – You’ll likely need to draw on your temporarily incapacitated, possibly due to flare-ups of 106, Jupiter, FL 33458.
investments for at least some of the expenses associated your chronic disease. Once you’ve recovered, you regain
with your illness. So, within your portfolio, you may want control of your financial decisions. You might also want to
to establish a special fund devoted entirely to these costs, consider a health care proxy, which appoints an individual
whether they are health care, modifications to your home, to make medical decisions for you if you can’t. In creating it’S the lAw
transportation and so on. A financial professional can help or revising these documents, you’ll need to consult with
you choose investments for this fund, as well as make your legal professional.
recommendations for your overall investment strategy, Taxes – You might qualify for Social Security disability
including techniques for boosting your income, such as payments, which, like other Social Security benefits, are Did You Know
adding investments that can provide an income stream that taxable, so you’ll need to be aware of what you might owe.
kicks in when you think your costs will rise. But you might also be eligible for some tax breaks related
That, In Florida …

By Adam S. Gumson, Esq.

Summary administration
is a streamlined version of
probate that allows for a
quicker and more efficient
processing of a deceased
person’s estate. It is a
“shortcut” available only if:
1) The death occurred more
than two years ago; or 2) the
total value of the estate does
not exceed $75,000.
Apersonal representative
of a will assists in the administration of an estate and he/she
is allowed to charge a fee for the services rendered, which is
often a percentage of the gross amount of the estate.
Debts incurred before marriage such as credit card
debts are considered premarital debts when divorcing.
If the other spouse never used the credit cards, the court
could consider those obligations as the sole responsibility
Palm Beach Beauty Salon of the indebted spouse.
A durable power of attorney designates an attorney-
in-fact to make certain financial decisions for the
incapacitated person.
Jupiter Law Center is a private neighborhood law
10% firm located in the RiverPlace Professional Center, 1003
W. Indiantown Road, Suite 210, Jupiter, FL, (561) 744 -
4600, jupiterlawcenter.com. The firm provides peace of
OFF mind by solving problems with integrity and compassion
in the areas of estate planning (wills and trusts, powers
of attorney, health care surrogates, living wills, probate
Tues. estates, succession planning, contracts and purchase/
sale agreements), family law (divorce, paternity, child
support and time sharing, alimony, property distribution,
New clients only modifications, collaborative law, pre/post nuptial
agreements) and real estate (community association law,
residential and commercial transactions, deeds, closings).
Susan

Swafford

formerly with Beauty To Go
561-312-0457 Captain’s was established in 1980 servicing
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Captain’s is committed to providing
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