Archives for June 2019

Actress, Director Penny Marshall Also A Victim of Brain Loss

June 24, 2019 by Honey Leveen 1 Comment

I’ve been writing a lot lately on the devastating (and often silent) effects of Brain Loss that often strike in our later years. The Journals of Gerontology published the results of a study on age-related brain changes and how these changes can leave the subject vulnerable to financial exploitation. According to their findings, “Approximately 1 in 20 adults can be expected to experience some form of financial exploitation past the age of 60, an incidence rate eclipsing many age-related diseases.” This financial exploitation is a result of impaired financial judgment. Which brings us to the final years of the life of Penny Marshall.

Penny Marshall Was Unprotected

Beloved actress and director, Penny Marshall, died in 2018, from complications from diabetes. It is also known that she had a bout with lung cancer which ultimately metastasized in her brain. Fortunately, both the lung and brain cancer went into remission after 2 years of treatment.

In a recent interview, Anjelica Huston shared about her friendship with Marshall, describing the peculiar way the director spent her nights. “Her rooms were freezing. Like air-conditioned, way up. She stayed up all night, followed QVC for beanbag dolls and stuff. She had this collection of sports memorabilia. She had a sort of museum in her basement full of signed baseballs and Lakers shirts. I just couldn’t relate. And also, frankly, she took a lot of coke.”

It became too much for Huston and she stopped visiting her friend.

Who Will Watch Out For You?

Penny Marshall’s final years contains some indications of erratic spending habits and other unusual behavior. There were no controls in place to protect her from herself or to ensure that she was receiving the best possible medical care to properly manage her diabetes.

I will continue to beat the drum, reminding you how important it is to have a clear plan in place that provides for your care and protects your interests. It may be difficult to acknowledge your future need for assistance, but denying the liklihood doesn’t improve your odds. In fact, it actually increases your risk.

The time to make these plans is NOW, while you are still thinking clearly. Penny Marshall failed to plan and, by default, planned to fail.

Click here to receive your free no-obligation quote for long term care insurance coverage. It only takes a minute and can make all the difference!

Preparing for Financial Scams

June 12, 2019 by Honey Leveen Leave a Comment

In 2018, the Federal Trade Commission received almost 3 million reports of financial scams, which is an increase from the previous year. A study by New York State estimates that for every instance of financial exploitation reported, as many as 44 scamming cases go undetected.

Another study has calculated that older people lose over $36 billion each year from financial exploitation.

A Couple of Surprises About Financial Scams

It’s common knowledge that the elderly are easy targets of financial scams. What you may not know is that younger people (aged 20 – 29) actually report losing money more often than older people (aged 70 – 79). And it’s a significant difference! Younger people make up about 43% of these reports vs. only 15% from older people.

The difference is that once they fall prey to these operations, the elderly suffer considerably higher losses, since they have accumulated more wealth than younger generations.

There is a lot of scientific evidence that shows how vulnerable we become to these scams as we age. Most people believe that this is a symptom of cognitive impairment. But this isn’t always the case. It may also be part of isolation, loneliness, and other symptoms of physical decline. No two cases are alike.

While thoughtful estate planning and having a living will are very important, they will not necessarily protect someone from becoming an unwilling victim of financial scams.

To avoid being scammed or falling victim to fraud, difficult conversations must occur.

Here’s a wonderful video about how to talk with loved ones about the possibility of financial fraud.

In an earlier blog, I discussed a series from NPR’s Marketplace called “Brains and Losses“. I’m sharing the link to the podcast again because the information was so useful.

It’s not easy preparing for difficult circumstances that might lie ahead for us or for those we love. That’s why I am so deeply committed to my role as a Long Term Care Insurance Specialist. Together, we can create a plan that will make future decisions easier for you. Click here to receive your free, no-obligation quote so we can get started.

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