You are not alone. Chronic illness affects 125 million Americans, and 22 percent of them are living with more than one chronic illness. Many issues need to be addressed by your loved one and you. Putting in the time and effort now and paying attention to detail can alleviate many of the problems families face when dealing with this challenge. Seek out wealth advisors who have the expertise to help you carry out a wealth management reassessment and any needed restructuring.

Four key areas need to be reviewed and addressed.

FINANCIAL PLANNING

Determine what the financial implications and cost of the chronic illness might be. A revised financial plan will be dependent upon the answers to many questions. How much longer might the person be able to work? Will treating the illness and caring for your loved one be a significant financial burden? Can current cash flow finance the additional expenses for treating the illness, or are cash-flow management changes needed? How might you budget for new expenses such as in-home care support or altering the home to take care of the loved one?

ESTATE PLANNING

All estate documents should be reviewed: the will, living will, power of attorney, healthcare directive and trusts.

Reassess all of the thinking that your loved one put into the original planning. If family members are involved, include them in the review. Circumstances have changed. This needs to be reflected in all of the documents. Particular language is often needed in estate documents to address special needs that may arise. This can range from caregiver support issues to trustees and responsibilities for what and when.

INVESTMENT PLANNING

If the person can work or remain independent for several years, that time line needs to be taken into account when considering what portfolio returns may be needed.

If investments need to be sold to pay illness-related costs, consider tax consequences and portfolio rebalancing issues when deciding which holdings to liquidate.

INSURANCE PLANNING

If your loved one is in a group medical insurance plan and there is an option to switch to a higher-cost, more comprehensive plan, this option should be explored. See if a term insurance plan can be converted to a permanent plan. If there is a disability income insurance policy, refresh your memory as to what triggers payment and how to collect.

A chronic illness is emotionally draining and overwhelming. Educate yourself about the illness and what you can do to help. And help your loved one begin planning and addressing wealth management issues as soon as possible. The more you do now the more you will help reduce emotional difficulties and avoid hardships that may arise.