Financial Assistance Support for Those Living with Sarcoidosis

Financial and Estate Planning Basics in 12 Steps

Step 1: Organize, Simplify, Digitize. Organize all your information, such as medical information, emergency contacts, passwords and security codes, legal documents, and more.

Step 2: Create, Sign and Distribute a Power of Attorney. Designate an agent to handle your financial and legal matters. Choose a trusted agent and several successors. If you cannot afford an attorney, consider online legal resources, but take precautions (get educated, find friends/family to go through the process together).

Step 3: Create, Sign and Distribute a Medical Power of Attorney and HIPAA Release. Designate an agent to make your health care decisions. Verify that your agent has sufficient knowledge of your sarcoidosis and the decisions that might be required, and is geographically close enough to respond to a sudden emergency.

Step 4: Protect Your Child and Others. If you are a parent and your physical challenges grow, or you become disabled, a guardian appointment under a will won’t cover care arrangements as it will only trigger on your death.

Step 5: Protect Distribution of Your Wealth. Wills are important, but if you’re facing a possibly chronic illness like sarcoidosis, it is only one step of many and perhaps not the most important one.

Step 6: Create a Revocable Trust. A revocable living trust allows you to manage assets while disabled or ill — unlike a will, it addresses planning while you are alive and transfers funds into a trust.

Step 7: Tailor Your Documents and Planning To Your Specific Circumstances. “Standard” documents means boilerplate – be sure it is tailored to your needs and your experience with sarcoidosis.

Step 8: Review Insurance. Include reviews of life insurance, property and casualty insurance, business coverage, long-term care coverage, disability income, and liability coverage. Have all your insurance coverage reviewed at least every two years and evaluate your options each time.

Step 9: Review Beneficiary Designations. Consider all beneficiary designations: life insurance, pensions, IRAs, brokerage accounts and more. Have family members who name you as beneficiary instead consider a trust for you.

Step 10: Give Back. Giving back is empowering - include a charitable gift in your plans, make a donation, and/or include a bequest in your will. Include a a heartfelt letter of instruction to heirs and thanks to those who have helped.

Step 11: Communicate. Having honest conversations with advisers and loved ones is critical:

»Explain your finances, family, care, disease, and so forth to your advisers — tell all so they can help properly.

»Discuss with family, friends, or others involved in your life what help you might need and what roles they might serve (e.g., health care agent, trustee of an insurance trust, etc.).

Step 12: Review and Revise Your Planning.

Planning Checklist:

»Nothing remains static

»Tax and property laws

»Family situations

»Assets and net worth

»Health changes

»New medications

Read this Forbes article for additional information: Sarcoidosis: Estate And Related Planning