Future plan with recent lung cancer diagnosis

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Rlc250
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Future plan with recent lung cancer diagnosis

Post by Rlc250 »

64 yo nonsmoker with recent dx of lung cancer. Work up just starting so prognosis uncertain but guarded at best. Physician myself. Retired 2 years ago. Real downer!! But need to make sure wife and adult kids are taken care of. Wife should be fine with joint annuities, life insurance, 1.4 mil. IRA. With out more detail can anyone point out things I need to consider.
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Raymond
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Re: Future plan with recent lung cancer diagnosis

Post by Raymond »

Sorry about your illness, I hope it is not as bad as it seems :(

One thought - make sure your beneficiary designations are up to date. One occasionally hears of court cases where people have passed away and due to unchanged designations, the money went to a person they did not intend to receive anything (ex-spouse, etc.)

Spend as much time as you can with your wife, kids and grandchildren (if any).

Come to think of it, that's good advice for anyone - for all I know, I could be run over by a bus tomorrow :shock:
"Ritter, Tod und Teufel"
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fredflinstone
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Re: Future plan with recent lung cancer diagnosis

Post by fredflinstone »

Sorry to hear about your diagnosis. How sad.

I suggest you give your wife a notebook or piece of paper containing a list of all your financial accounts along with account numbers and so forth. If they are joint accounts, you should make sure she has the logins and passwords.

make sure your your will, power of attorney for health care, and so forth are up to date.
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countdown
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Re: Future plan with recent lung cancer diagnosis

Post by countdown »

The cost of your health care and treatment. Not certain, but there may be ways to shield some of your assets from potential exposure. Certainly speak with qualified legal counsel--trusts, tax, etc.
Blessings to you and your family.
carolinaman
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Re: Future plan with recent lung cancer diagnosis

Post by carolinaman »

I am very sorry to hear of your condition. My prayer is that it is treatable and that you will recover. I would suggest making sure your will, POA, health care directive and similar legal documents are uptodate. Also, make sure beneficiary designations on IRAs are as you want them. Review everything with your wife and determine who will be executor of your will. These are things all of us need to do as we age. For example, my wife will be executor of my will but will need to rely heavily upon my daughter who has a degree in financial management. Someone mentioned passwords and access to electronic accounts which is great advice. That will be a major headache for my wife but with daughter's help should be ok.

Best wishes with your illness and treatment.
freddie
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Re: Future plan with recent lung cancer diagnosis

Post by freddie »

countdown wrote:The cost of your health care and treatment. Not certain, but there may be ways to shield some of your assets from potential exposure. Certainly speak with qualified legal counsel--trusts, tax, etc.
Blessings to you and your family.
Double check what the cost basis setup on death is like in your state. Depending on what is going on investment wise, it might save you money. And depending on what your survivors financial literacy is, you might want to think about things like Vanguards advisory service or portfolio solutions. Paying .35% or so sounds bad but it might be better than the other options.
ralph124cf
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Re: Future plan with recent lung cancer diagnosis

Post by ralph124cf »

Be sure to sign up for Medicare three months before your 65th birthday. Also, consider when you and/or your wife would want to take Social Security.

Ralph
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midareff
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Re: Future plan with recent lung cancer diagnosis

Post by midareff »

Very sorry to hear you have joined the cancer club. I'm a member too. I think making plans but not executing them at this point would be wise. ... emotions and investments make bad bedfellows. Treatments have improved so much many things (Cyber Knives, et. al.) are no longer a death sentence, so need not be psychologically or financially treated that way, certainly not at the point prior to full determination of scope and severity and treatment results.

Good luck with all of it..... BTW, and I'm sure I don't have to tell you this but will anyway... I'd make sure MD Anderson and Hopkins have had a look at all the tests and findings before doing anything. Certainly made my choices easier. Hopkins even recommended a A+++ guy in my town to do the stuff needed.
Professor Emeritus
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Re: Future plan with recent lung cancer diagnosis

Post by Professor Emeritus »

My best wishes. One of my more unusual assignments was as an ethics adviser to a lung cancer research project.

Please take any suggestions as clearly less important than your heath and treatment

1) As a non smoker have you had your house checked for Radon gas? The leading avoidable
causes of non smoker lung cancer are second hand smoke, Radon gas and medical radiation exposure.

2) Durable powers of attorney and health care directives are a must for anyone over 60.

3) Do you have any odd medical financial assets (sale of practice etc) These require special care.

4) is your home mortgaged? Get expert advice if it is. Do not assume the Mortgage survives you.

Best of luck
Crow Hunter
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Re: Future plan with recent lung cancer diagnosis

Post by Crow Hunter »

Having just gone through this with my Mother, I am truly sorry. :(

From a financial stanpoint make sure everything is in POD, TOD, has beneficiaries setup to keep as much out of probate as possible. Make sure that your wife knows what needs to be done inheritance tax wise, if your state has it. If you have to probate your will, make sure that your wife/children understand what has to be done and it might not even be a bad idea to speak to an estate lawyer to get it set up ahead of time to make the transistion easier on them.

On the medical side, [detailed medical advice removed by admin LadyGeek]
staythecourse
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Re: Future plan with recent lung cancer diagnosis

Post by staythecourse »

Way too early to start planning for the worst without having staging done yet. Get all your w/u done pronto so you have an idea of where you are, treatment options, and prognosis.

No matter what at this age you should have your wife (who usually live longer anyway) update with all the finances, your will, power of attorney for health and finance, and maybe the most important (if it ever came to it) what your end of life wishes are. This advice would be the same for anyone as they get older and not just directed to your situation.

Also, make sure all your beneficiaries on qualified plans are up to date.

Good luck.
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AllenSmith
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Re: Future plan with recent lung cancer diagnosis

Post by AllenSmith »

Good luck, OP. I will hope for the best.
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Re: Future plan with recent lung cancer diagnosis

Post by LadyGeek »

For many reasons, medical advice is off-topic. See: Forum Policy
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Questions on medical issues are beyond the scope of the forum. If you are looking for medical information online, I'd like to suggest you start with the Medical Library Association's User's Guide to Finding and Evaluating Health Information on the Web which, in addition to providing guidance on evaluating health information, includes lists of their top recommended sites in the following categories: consumer health, cancer, diabetes and heart disease. They also provide a larger, but less frequently updated, list called Top 100 List: Health Websites You Can Trust.
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bsteiner
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Re: Future plan with recent lung cancer diagnosis

Post by bsteiner »

Crow Hunter wrote:...make sure everything is in POD, TOD, has beneficiaries setup to keep as much out of probate as possible. ...
While it makes sense to name beneficiaries for certain items such as life insurance (for creditor protection) and retirement benefits (for both the stretch and for creditor protection), POD and TOD can destroy a well designed estate plan.

Our client generally provide for their children in trust rather than outright, to keep the children's inheritances out of their estates for estate tax purposes, and to protect against the children's creditors and spouses. POD and TOD can destroy that.

Leaving assets POD or TOD can mean that there aren't enough assets available to fund cash bequests.

Leaving assets POD or TOD can make it difficult to pay the estate taxes.

Leaving assets POD or TOD can created unintended results if different assets go to different recipients, and the values change disproportionately, or you add more money to one account, or you take more money out of one account.
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Watty
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Re: Future plan with recent lung cancer diagnosis

Post by Watty »

Rlc250 wrote: With out more detail can anyone point out things I need to consider.
Getting old family photos, family history, and a family medical history might be worth getting organized regardless of your health.
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Rlc250
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Re: Future plan with recent lung cancer diagnosis

Post by Rlc250 »

Thanks everyone. Some good advice and wishes. Think all my legal docs are up to date. Just redid my estate plan last year after changing residence to AZ. Update: PET/CT scan tomorrow . Video assisted Right Lower Lobectomy fast tracked for next Monday. Would appreciate additional ideas if anyone has any. Thanks!
HurdyGurdy
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Re: Future plan with recent lung cancer diagnosis

Post by HurdyGurdy »

Rlc, I'm sad to hear this. My best wishes for your treatment.
Rlc250 wrote: need to make sure wife and adult kids are taken care of. Wife should be fine with joint annuities, life insurance, 1.4 mil. IRA.


In all likelihood, your loved ones will do well.
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in_reality
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Re: Future plan with recent lung cancer diagnosis

Post by in_reality »

Rlc250 wrote:Real downer!! But need to make sure wife and adult kids are taken care of. Wife should be fine with joint annuities, life insurance, 1.4 mil.
As for being taken care of, you might take a little time to write out your fond memories of vacation or other such sentimental things. I'm sure your loved ones would enjoy hearing your perspective on your time together especially if you recall the cheerful things.

I personally think you will be fine and maybe the usefulness of writing things out would be mainly to lift your spirits remembering all the joys along the way and also to remind you 30 years from now when you have Alzheimers about some of the things you may have otherwise forgotten.

All the Best Wishes and Luck that can be had.
lululu
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Re: Future plan with recent lung cancer diagnosis

Post by lululu »

Good luck! As a physician, you know there is hope.

I note that a couple of people have mentioned family photos and so on. My cousin and I have worked on our family history, and a frustrating thing is all the older family photos where we have no idea who the people are. Esp. photos from the old country, where we don't even know the town names or if the people are in front of a family home.

I think everyone should set aside time to label their family photos in some way that doesn't damage the photos, i.e. no ink sinking through the back, and is informative enough for the next generations, i.e. not "Aunt Ruth" but "my Aunt Ruth, Mrs. X Y, at the family picnic in framis, Connecticut in 1952 and then note who added the label.

Family stories are priceless also. One of our great aunts told us wonderful stories. But write them down.
staythecourse
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Re: Future plan with recent lung cancer diagnosis

Post by staythecourse »

Rlc250 wrote:Thanks everyone. Some good advice and wishes. Think all my legal docs are up to date. Just redid my estate plan last year after changing residence to AZ. Update: PET/CT scan tomorrow . Video assisted Right Lower Lobectomy fast tracked for next Monday. Would appreciate additional ideas if anyone has any. Thanks!
Good luck and as you know, as a physician, your outcomes are as good as the physicians taking care of you. So pick well and kick some a**!!
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RunningRad
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Re: Future plan with recent lung cancer diagnosis

Post by RunningRad »

So sorry to hear.

I agree with the suggestion of labeling photos.

I have some relatively illiquid but valuable collectibles, that I am in the best position to sell, as I know how to the value the items and where to sell them. If you have anything like this (coins, stamps, sports memorabilia, autographs, trains, cars, etc.), while you are recovering, you might take an inventory of the "stuff" and make arrangements for their disposition. Even though we are hoping for the best, in case that does not work out, your family will be better off with the money than the goods, in most cases, and will likely be at a disadvantage trying to sell the collectibles.
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Valuethinker
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Re: Future plan with recent lung cancer diagnosis

Post by Valuethinker »

Get the video camera out and a tripod and record some conversations with your spouse and loved ones.

Get them to ask you about your past life eg before marriage, your parents, growing up, raising children (if you did), best times with your spouse, things you remember most vividly.

You could just do this as a monologue for yourself. Privately. 5 minutes every day at most. Will feel odd. Kind of like a blog but a video blog (v-log?). No more than 5 minutes each day of what you would want to have said, what you would want to have remembered for. You won't have time to type this, so why not just record it? If you do it by yourself you don' t need to review it, no need to feel self conscious.

All a bit morbid but we have *nothing* like that of my father, not even a voice recording. And he died accidentally, completely unexpected.

Also any old family photos 'who are these people?' if you can just label them with a very soft lead pencil on the back. Ditto any key letters or momentos you might have from your parents, uncles and aunts etc.

Create a list of all passwords and accounts-- we didn't have that for Dad, a lot of what he left online we have just lost as a result.

Best thoughts and prayers at this time to you and your family.
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NAVigator
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Re: Future plan with recent lung cancer diagnosis

Post by NAVigator »

In addition to attending to financial and practical things for others, do something for yourself. Appreciate each day. Identify something about today you enjoyed. If you can't think of anything, write something down and soon you will fill a page! Live with gratitude! If you are inclined, keep a "journal of joy" to review on down days.

I have done this for 4 years, 7 months, 23 days.
"I was born with nothing and I have most of it left."
countdown
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Re: Future plan with recent lung cancer diagnosis

Post by countdown »

Valuethinker wrote:Get the video camera out...
You could just do this as a monologue for yourself. Privately. 5 minutes every day at most. Will feel odd. Kind of like a blog but a video blog (v-log?). No more than 5 minutes each day of what you would want to have said, what you would want to have remembered.
Wonderful idea.....whether the monologue runs 30 years or 30 months. It will be a treasure.
Wishing you well. Blessing to you and your family.
michaelsieg
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Re: Future plan with recent lung cancer diagnosis

Post by michaelsieg »

I wish you all the best, I hope the work-up shows no distant disease and a locally resectable stage. I hope all goes well.
bluemarlin08
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Re: Future plan with recent lung cancer diagnosis

Post by bluemarlin08 »

So sorry to hear this. I went through something similar in 2003, things turned out good for me but I researched things to death and had many second opinions before deciding my course. Took the entire family on a long vacation after treatment.
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