Truth Stranger Than Fiction Proves Need For Asset Protection And Long-Term Care
What I’m getting ready to tell you may read like some strange, fictional tale.
But, believe me, it is a real case that happened to what could previously only be considered a perfectly ‘normal’ family.
The point of sharing this case is to drive home the importance of having a solid asset protection plan in place as well as a plan for long-term care. You just never know what turn of events might arise that could put loved ones in danger of becoming destitute.
Be Forewarned: This is a Real Case and It Could Happen to Your Family
A married couple in their 80’s. They’ve been married over 40 years and each has adult children from prior marriages, one of which is disabled.
The wife sought divorce from her husband of 40+ years after meeting a doctor from Nigeria online and sending him $70,000 from the bank account she shared with her husband. She had also previously met other men through online meeting sites. As a result of the divorce the couple was forced to sell their marital home.
The elderly husband had to find new living arrangements which created an enormous hardship on his health and wellbeing. In addition, he is caring for an adult disabled child. The other children are pitching in to help him, which is also causing an additional hardship on them. Unlike some blended families, the step-children in this case agree on the craziness of the mother’s actions.
No matter how long a couple has been married, it’s impossible to predict what people are likely to do. People can be scammed by online predators, especially the elderly. Without solid, legal plans for asset protection and long-term care in place, these kinds of situations are difficult to correct, and the suffering wrought is inestimable.
The sooner you create plans for both asset protection and long-term care, the better. Don’t wait for the unexpected. If married, couples benefit from putting a plan in place sooner rather than later. Late life divorces without such plans are even more devastating than those that occur during young adulthood or midlife when the individuals are young enough to continue working.