Beyond Returns: How Financial Planning Transforms Lives in the Face of Terminal Illness

by Leah Woodly

Financial planning often elicits ideas of investment strategies and maximizing returns. However, its true essence is revealed in moments that demand compassion, empathy, and support beyond mere financial gain.

Recently, I encountered a poignant scenario that underscored the profound impact of financial planning in the face of life-altering circumstances. A nurse, grappling with a terminal diagnosis, entrusted us with the daunting task of navigating her financial landscape. In this instance, the traditional metrics of investment portfolios took a backseat to addressing immediate needs and securing her future, whatever it might hold.

Our focus shifted from optimizing returns to prioritizing the nurse's peace of mind and quality of life. We delved into the intricacies of claiming her pension, maneuvering through Social Security disability, tackling debts, and crafting a sustainable financial roadmap for the uncertain journey ahead. It wasn't just about numbers; it was about alleviating her worries, allowing her to concentrate on battling her illness and cherishing the time she had left.

If you or someone you love is facing a terminal illness, here are some considerations for you to navigate this delicate situation:

1. Get clear on your priorities. What holds paramount significance to you in this phase of your life? Are you driven by the desire to protect your spouse in unforeseen circumstances? Are there specific arrangements and safeguards you want in place for the well being and future of your children? Are there experiences you want to check off of your bucket list?
2. Understand your medical coverage. Are there any limitations or exceptions to your health insurance or long-term care that you need to be mindful of? Are there any out-of-pocket expenses that you will incur?
3. Identify your team. Who do you have in your corner to provide you with emotional support? Who would you trust to make decisions on your behalf for your medical care? Who would you trust to manage your finances if you are unable?
4. Get it in writing. Make sure you have your wishes legally documented through a will, power-of-attorney, living will, and advanced healthcare directive. This not only ensures that your wishes are clear, it protects those you care about, as well.
5. Speak to a professional. A financial advisor will be able to identify the intricacies of your pension, Social Security disability, and other financial puzzle pieces that may play a huge part in making sure you are able to obtain the care you need and maintain the quality of life you desire.

Navigating these delicate conversations isn't easy. The gravity of the situation and the emotional weight it carries make these discussions challenging. Yet, it's precisely these moments that underscore the significance of holistic financial planning. It's about guiding individuals through life's unpredictable twists and turns, providing a supportive framework that extends far beyond monetary gains.

The nurse we met with articulated how the stress of her financial situation weighed as heavily on her as her diagnosis did. The relief we could offer by shouldering this burden from her was immeasurable. With her financial worries alleviated, she could redirect her energy towards what truly mattered: her health, her well-being, and the possibility of overcoming her illness.

This poignant experience reinforced a crucial truth: financial planning isn't just about accumulating wealth; it's about empowering individuals to navigate life's uncertainties with resilience and dignity. It's about lifting the weight of financial concerns from their shoulders, allowing them to focus on what's truly important—their lives, their loved ones, and their journey towards healing and hope.

In the end, it's these profound moments of impact that define the essence of financial planning—the ability to bring solace, security, and a sense of control amidst life's most challenging chapters.

This material is intended for educational purposes only. You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. Nothing in this material constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. Dorval & Chorne Financial Advisors is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.