Financial Futures

Audrey Nesmith is worried. Her 90-year-old mother, who lives in a nearby condominium, is still sharp and active, but anything could happen to her in the coming years. "She's not physically sick -- just frail and old," says Audrey. The condo was purchased with Audrey's money and she worries that a stay in a nursing home -- which can cost up to $4,000 a month -- could force a sale of mother's condo just to pay the bills. (She bought the unit cheaply at $21,000 with some cashed-in savings bonds, and it's since increased in value to approximately $40,000.)

Audrey, of Seal Beach, Calif., is already the sole caregiver for her 78-year-old husband, who must be fed, changed and constantly watched thanks to a surgical procedure gone awry. Caring for both husband and mother together is not an option, as the two do not get along very well. Audrey doesn't work now -- she had to go into early retirement to care for her husband -- and her only income comes from a pension. A long-term insurance specialist came to the retirement complex recently and told Audrey the only one who would qualify for insurance would be Audrey herself -- her husband and mother were both uninsurable. "Dealing with the physical and mental loss of your loved one is hard enough, but having to deal with the financial losses makes it a double burden," says Audrey.

Expert Advice for Audrey
Protecting Assets
Long Term Care Insurance
Medicare and Medicaid
Estate Planning Documents
Elder Care Attorneys, from our sponsor, Merrill Lynch

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