Former Astronaut Buzz Aldrin Fights Family’s Dementia Claims

Buzz Aldrin, the former astronaut and the second man to land and walk on the moon with the historic Apollo 11 flight with Neil Armstrong, is fighting with his children over control of his estate and whether he has dementia.

The 88 year-old astronaut’s children claim he has dementia and is vulnerable to being manipulated. They seek to be appointed as his co-guardians under terms of his revocable trust.  Reports say he has a revocable trust with his son Andrew named as a trustee. The terms of the trust states Andrew must give written permission before any changes can be made.

Aldrin responded with his own lawsuit. He claims his children and his former manager have taken advantage of their roles in managing his assets and are exploiting the elderly. The suit also claims the Buzz Aldrin Space Foundation is using its finances against his wishes.

The suit also claims his children, and former manager, have forbid him from getting married.

This happens often in many families, especially when no solid advance planning or flawed trusts are involved. It is always important to have a plan to protect your estate and your wishes well before you retire. This should include a plan to address the financial costs and burdens of aging. Long-Term Care costs can drain even a large estate. Without a policy in place to pay for the cost of care your adult children will make the decisions on how your money will be spent and the quality of the care you receive. While often you may not have to worry that your children will just dump you in a nursing home, you should have control over the type of care you receive and the quality of that care.

Affordable Long-Term Care Insurance provides you with the tax-free resources so you have your choice of quality care in the setting you desire. All this without having to spend hundreds of thousands of dollars from your estate. Caregiving is hard on family members as well. Managing the care can also be very stressful. Most Long-Term Care policies offer case management. These case managers will make recommendations and even arrangements for care. Plus, they monitor your care to make sure the level and quality is appropriate.

Plus, the fact is today’s Long-Term Care Insurance is very affordable and rate stable. Seek help from a qualified, experienced Long-Term Care specialist when designing a plan and selecting an insurance company. Most financial advisors and general insurance agent have little knowledge in this area. Plus, most are unaware of the federal Long-Term Care Partnership program that most states participate in. These special insurance plans provide you with additional dollar-for-dollar asset protection.

Find your state on the LTC NEWS map and see if they participate in the partnership program, find the cost of care and any tax-incentives that may be available.

Experts suggest acting in your 40s or 50s, prior to retirement. This way you can enjoy low premiums and even qualify for preferred health discounts. Plus, keep in mind, your health can change at any time. Long-Term Care needs are not just for the elderly.