Shane O’Hara, CFP®, CPWA®, Principal, Executive Vice President, and CCO at ProVise Management Group, provides insight into how to set in place protections for your finances and plan for long-term care when your spouse has been diagnosed with early-stage dementia.
Shane notes that “With $1.6 million at stake, I would also look carefully at how your accounts are titled and who has access to move money.” O’Hara also recommends setting up automated bill payments and having an account with only one access for Social Security benefits. With long-term care a possibility, Shane recommends, “Your adviser should model out those scenarios so you’re not making decisions in a crisis. If you have long-term care insurance, review it now and understand exactly when and how benefits trigger.”
