When faced with terminal illness, financial planning is crucial.

Publication: Daily News (New York, New York) (via Knight-Ridder/Tribune Business News)

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COPYRIGHT 2005 Daily News

Byline: Phyllis Furman

Jul. 26--It was bad enough to hear that her husband, Douglas, was dying from the effects of dementia and Parkinson's disease.

But Barbara Frasier also had worry about keeping the home and investments she and her husband had accumulated over the years.

"We're not rich people," the 70-year-old former Huntington, L.I., resident and mother of four said. She's now living in Pennsylvania.

Frasier took action, hiring Long Island financial planner J.J. Burns. He advised the couple to change Douglas' will to transfer part of their estate into Douglas' name alone to avoid future taxes, which would have been imposed on his widow.

Now three years after her husband's death, "I have my income, I have my home, I'm doing fine," Frasier...

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