Additionally, if a person owns a business, there should be advance planning about how to either dispose of that business upon the death of a spouse, or how to market the business before it begins to lose money. Assuming there is some advance knowledge of a terminal illness, a couple should meet with an estate planning attorney to review wills and trusts and make any necessary changes and additions to those documents. Many states also approve a list of personal property such as jewelry that can be passed on without going through a lot of formalities. An attorney can also assist in executing a durable power of attorney and a medical durable power of attorney. The durable power of attorney gives someone the ability to deal with your financial assets prior to your death should you become unable to do so yourself.
Some states also honor living wills.
Living wills let you decide ahead of time if you want to use any extraordinary means to extend your life in a terminal situation. You should also inquire about social security benefits. Also, in the case of a long-term illness and an older spouse, you'll want to consult with an attorney who specializes in elder care. Don't wait until you're desperate to begin exploiting possible income sources. An attorney can help you explore financial options as well as outside care sources such as hospice and home health care aids.