Lets Talk Money Online - Be prepared! Your golden years could tarnish

During the next 30 years, the number of people age 65 and older worldwide will double. According to one report, some 1.3 billion people will be at least age 65 by 2040.* While we may like the idea of increased life expectancies, longer lives are sometimes accompanied by age-related difficulties, such as dementia and Alzheimer's disease. It's best to be prepared.

These cognitive conditions can begin well before age 65, presenting a host of problems -- some financial -- until a diagnosis and arrangements to work around these medical difficulties are made. Dementia, for example, can begin almost unnoticed. The symptoms can make it harder to work or even balance a checkbook. When someone with a cognitive problem is responsible for major financial decisions, the condition also can cause financial hardship.

That's why it's important to talk with your family and your medical professional when you first notice signs of these conditions. You may have natural signs of aging or the beginning of a degenerative cognitive disorder. Either way, make sure you're prepared by having a will, a health care directive and a durable power of attorney. These documents help ensure that loved ones can make decisions for you if your decision-making abilities become impaired.

While ensuring that proper legal arrangements are made, you also may want to explore ways to pay for care that is often costly. Earlier is always better than later, since it's unlikely you'll qualify for long term care insurance once you are diagnosed with a cognitive disease. Also, premiums typically cost less at younger ages than when you're older.

Long term care insurance may provide the most cost-efficient way of paying for care. This type of protection pays benefits should you become unable to perform one or more of the following activities of daily living: bathing, dressing, eating, toileting and transferring, such as from a chair to a bed.

Consider the type of care that you might need, such as assisted living or nursing home care. Also weigh how long benefits should last and when they should begin after the onset of the disease. With long term care insurance, you can customize your policy with a variety of features to help meet your potential financial needs.

* An Aging World: 2008, produced by the U.S. Census Bureau for the National Institute for Aging, by Kevin Kinsella and Wan He, June 2009

This is an advertisement prepared by LTM Publishing, Inc. for the use of the sender. The advertisement provided is not intended as legal or tax advice and may not be relied on for purposes of avoiding federal tax penalties. All individuals, including those involved in the estate planning process, are advised to meet with their tax and legal professionals. The individual sponsoring this newsletter will work with your tax and legal advisors to help select appropriate product solutions. We do not endorse or guarantee the content or services of any website mentioned in this newsletter. We encourage you to review the privacy policy of each website you visit. Limitations, restrictions and other rules and regulations apply to many of the financial and insurance products and concepts presented in this newsletter, and they may differ according to individual situations. The publisher does not assume liability for financial decisions based on the newsletter's contents. Great care has been taken to ensure the accuracy of the newsletter copy at press time; however, markets and tax information can change suddenly. Whole or partial reproduction of Let's Talk Money® without the written permission of the publisher is forbidden. ©LTM Publishing, Inc., 2009.

We Value Your Input... Your feedback is very important to us. If you have any questions about any of the subjects covered here, or suggestions for future issues, please don't hesitate to call. You'll find our number on the front of this newsletter. It's always a pleasure to hear from you.