Former Astronaut Buzz Aldrin Fights Family’s Dementia Claims
Buzz Aldrin, the former astronaut and the second man to land and walk on the moon with the historic Apollo 11 flight with Neil Armstrong, is fighting with his...
Buzz Aldrin, the former astronaut and the second man to land and walk on the moon with the historic Apollo 11 flight with Neil Armstrong, is fighting with his children over control of his estate and whether he has dementia.
The 88 year-old astronaut’s children claim he has dementia and is vulnerable to being manipulated. They seek to be appointed as his co-guardians under terms of his revocable trust. Reports say he has a revocable trust with his son Andrew named as a trustee. The terms of the trust states Andrew must give written permission before any changes can be made.
Aldrin responded with his own lawsuit. He claims his children and his former manager have taken advantage of their roles in managing his assets and are exploiting the elderly. The suit also claims the Buzz Aldrin Space Foundation is using its finances against his wishes.
The suit also claims his children, and former manager, have forbid him from getting married.
This happens often in many families, especially when no solid advance planning or flawed trusts are involved. It is always important to have a plan to protect your estate and your wishes well before you retire. This should include a plan to address the financial costs and burdens of aging. Long-Term Care costs can drain even a large estate. Without a policy in place to pay for the cost of care your adult children will make the decisions on how your money will be spent and the quality of the care you receive. While often you may not have to worry that your children will just dump you in a nursing home, you should have control over the type of care you receive and the quality of that care.
Affordable Long-Term Care Insurance provides you with the tax-free resources so you have your choice of quality care in the setting you desire. All this without having to spend hundreds of thousands of dollars from your estate. Caregiving is hard on family members as well. Managing the care can also be very stressful. Most Long-Term Care policies offer case management. These case managers will make recommendations and even arrangements for care. Plus, they monitor your care to make sure the level and quality is appropriate.
Plus, the fact is today’s Long-Term Care Insurance is very affordable and rate stable. Seek help from a qualified, experienced Long-Term Care specialist when designing a plan and selecting an insurance company. Most financial advisors and general insurance agent have little knowledge in this area. Plus, most are unaware of the federal Long-Term Care Partnership program that most states participate in. These special insurance plans provide you with additional dollar-for-dollar asset protection.
Find your state on the LTC NEWS map and see if they participate in the partnership program, find the cost of care and any tax-incentives that may be available.
Experts suggest acting in your 40s or 50s, prior to retirement. This way you can enjoy low premiums and even qualify for preferred health discounts. Plus, keep in mind, your health can change at any time. Long-Term Care needs are not just for the elderly.
About the Author
An LTC News author focusing on long-term care and aging.
James Kelly
Contributor since August 21st, 2017
Editor's Note
Contemplating retirement well before it arrives is essential in securing a successful and worry-free retirement experience. By planning ahead, you can establish a solid financial foundation that will prevent you from running out of money during your golden years. Early planning allows you to analyze your current financial situation, estimate future expenses, and create a well-structured retirement plan to address your long-term financial needs.
One of the critical components of a successful retirement plan is ensuring a steady income stream to cover your expenses when you're no longer working. Annuities can play a vital role in achieving this financial stability.
Moreover, annuities can provide valuable tax benefits, as the earnings from these products typically grow tax-deferred until you start receiving payments. This tax-deferred growth can significantly enhance wealth accumulation over time, making annuities an attractive option for long-term retirement planning.
Future Long-Term Health Care Expenses Can Derail Retirement Plan
Addressing long-term health care is a crucial aspect of retirement planning that should not be overlooked. As you age, the likelihood of needing assistance with daily activities or medical care increases significantly. Failing to plan for these potential long-term care needs can have serious financial and emotional consequences for both you and your family.
One of the primary reasons to include long-term health care in your retirement plan is the high cost associated with such services. Expenses related to in-home care, assisted living, or nursing home care can quickly deplete your retirement savings, leaving you and your family in a precarious financial position. Planning for these costs well in advance allows you to explore various options, such as long-term care insurance or hybrid insurance products, to mitigate the financial burden of long-term care.
Long-Term Care Insurance is a way to address the costs and burdens of aging. Considering the potential costs and emotional impact of long-term care, you can take proactive steps to protect your financial assets, ensure your quality of life, and provide peace of mind for you and your family. Incorporating long-term health care into your retirement planning is a wise financial decision and an essential step toward a secure and fulfilling retirement.
Planning for these costs well in advance allows you to explore options such as Long-Term Care Insurance, including Partnership plans and hybrid insurance products (life insurance or annuities with a qualified rider for long-term health care) to mitigate the financial burden of long-term care.
Most people get coverage in their 40s or 50s. Use the help of a qualified Long-Term Care Insurance specialist to help with shopping and designing appropriate coverage. A specialist will match your age, health, family history, and other factors to provide accurate quotes from all the top insurance companies.
Essential Topics to Discuss with a Long-Term Care Specialist
Most general insurance agents and financial planners have limited knowledge in the realm of long-term care planning and often represent just a single insurance company. It's crucial to enlist the help of a proficient Long-Term Care Insurance specialist who collaborates with an array of leading companies.
Ensure your specialist covers these crucial topics:
- Partnership: Most states offer special policies providing dollar-for-dollar asset protection. The Long-Term Care Insurance Partnership Program is a valuable yet often overlooked aspect of retirement planning. Ensure your specialist explains this program and its potential benefits.
- Tax incentives: Federal tax incentives are available for some individuals. If you own a business, make sure to inquire about these opportunities.
- Health Savings Accounts (HSAs): If you have an HSA, you can use the pre-tax funds in your account to cover premium payments.
- Asset-Based or Hybrid policies: These life insurance or annuity policies include a long-term care rider. These policies can provide flexibility by offering both a long-term care benefit and a death benefit, but they tend to be costly and may require a single premium payment. Be cautious, as only a few offer genuine long-term care benefits.
- Health and Family History: Your specialist should ask detailed questions about your health, family history, and retirement plans. Underwriting criteria differ among insurance companies, so a thorough assessment is necessary. If your specialist isn't asking detailed questions, consider finding another expert.
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Parents Need Help Now – What to Do?
Get help finding quality caregivers or long-term care facilities and get recommendations for a proper care plan, whether someone has a policy or not - Filing a Long-Term Care Insurance Claim.
If your loved one is lucky enough to own a Long-Term Care Insurance policy, be sure they use it. Sometimes families wait, thinking they can save the benefits for a rainy day. Waiting to use Long-Term Care Insurance benefits later is not a wise idea.
If your parent or parents need help now, get them quality care now. LTC NEWS can help. Start with these comprehensive guides to help you in your process:
- Finding Quality In-Home Care
- Adult Day Care Centers (ADCCs)
- Assisted Living and Memory Care Facilities
- Finding a Quality Nursing Home
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