Jul 11, 2024
A lot changed when Sharon Stone had a stroke in 2001. Her sense of smell, taste and touch were altered, and she had trouble reading. It took seven years for the “Basic Instinct” star to fully recover.
During this time, she also realized the $18 million in her bank account had gone missing, Stone told The Hollywood Reporter (THR) in an interview published July 9.
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“I had zero money,” the actress said. “My refrigerator, my phone — everything was in other people’s names.”
Stone’s story serves as a cautionary tale about protecting your money while you’re sick.
Durable power of attorney for finances
Stone has had her share of ups and downs with money, before and after her stroke. The 66-year-old grew up in a small Pennsylvania city called Meadville — the type of place, she told THR, where her family was considered wealthy because she was one of the few kids with both school shoes and play shoes.
When she shot to fame in the 90s, her wealth and influence grew. But her stroke changed her fortunes, and she claims to have been taken advantage of, resulting in the $18 million loss.
There are ways you can protect your finances when you’re too sick to handle things yourself. If you find yourself in such a state, consider assigning a trusted loved one to be your durable power of attorney for finances. This allows a trusted person to handle your finances when you’re unable to yourself. They can pay your bills (including medical ones) and taxes, manage investments and buy insurance.
By assigning a durable power of attorney before you get sick, you can ensure your assets are put in the hands of someone you trust instead of potentially someone who would take advantage of the situation.
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Insure yourself
Stone said that positivity helped her get over the $18 million stolen from her during her stroke recovery.
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“I decided to stay present and let go,” she said. “I decided not to hang onto being sick or to any bitterness or anger.”
This may be a wonderful emotional strategy, however, there are others ways to avoid your fortune getting stolen when illness hits.
Insurance can protect you during hard times, and it can provide you with some funds to cover bills when you’re too sick to work.
Critical illness insurance is designed to help cover financial costs if you suffer a severe illness that’s covered under your plan, which may include a stroke, while disability insurance can help if you’re prevented from working and earning an income due to a disability.
Disability insurance is available through Social Security and private insurers, however, policyholders must typically meet a number of conditions before receiving benefits.
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Sabina Wex is a writer and podcast producer in Toronto. Her work has appeared in Business Insider, Fast Company, CBC and more.
