Traust Sollus Wealth Management of Princeton recently held a free luncheon and seminar on estate and financial planning for loved ones living with a chronic illness.
West Windsor Mayor Shing-Fu Hsueh attended the event and presented a proclamation declaring it “Chronic Illness Awareness and Education Day.”
Chronic illness affects 125 million Americans and 22 percent are living with more than one chronic illness, so this issue affects many families.
Traust Sollus president Guy McPhail shared with The Princeton Packet some of the tips given at the seminar.
”A chronic illness is emotionally draining and overwhelming,” said Mr. McPhail. It’s important to help your loved one begin planning and addressing his wealth management issues as soon as possible, he said.
There are four key areas that need to be reviewed and addressed for people to help their loved ones who have a chronic illness.
”Financial planning, estate planning, investment planning and insurance all need to be re-examined once a person has a chronic illness,” he said.
”To start with, you need to determine what the financial implications and cost of the chronic illness might be,” he said.
”The will, living will, power of attorney, healthcare directive and trusts all need to be reviewed” as part of the estate planning.
In some cases investments need to be sold to pay illness-related costs. Mr. McPhail advises people to consider tax consequences and portfolio rebalancing issues when deciding which holdings to liquidate.
In cases where the loved one is in a group medical insurance plan and there is an option to switch to a higher cost, more comprehensive plan, he advises exploring this option.
There can be complexities to addressing these four personal finance areas, so seek out wealth advisers who have the expertise to help you carry out a wealth management reassessment and any needed restructuring, he recommends.

