It is estimated that about 5.5 million Americans suffered from Alzheimer’s Disease last year, and all but 200,000 were age 65 or older. This means planning for the future is all the more important given that Alzheimer’s entails memory loss and diminished decision making abilities, and eventually evolves to interfere with daily life.
In early-stage Alzheimer’s, those living with the disease are still largely functional. They can usually drive, engage in social activities and sometimes continue working. This is the best time to begin discussing an estate plan, or modifying an existing one if needed.
The first thing to do is to make a complete list of assets. The last thing you want is for hard-earned savings or investments to go unclaimed. It’s best to obtain both financial records and tax returns to piece together a full picture that you can share with your estate planning attorney.
Next, review any existing estate planning documents such as trust agreements or last will and testaments. Has anything changed since these documents were created? Has anything been left out? Do they need to be revoked and replaced, or just amended and updated? These are just a few considerations that are best handled in consultation with your estate planning attorney.
It is critical, however, that your estate planning attorney also be knowledgeable about long-term care planning. You need to plan as soon as possible for your Florida long-term care needs. Many solutions that can greatly help those with Alzheimer’s Disease and dementia afford the cost of long-term care, need to be implemented five years in advance of when the care is needed.
As the later stages approach, it’s also important to begin transferring financial-related responsibilities, such bill payments and insurance premiums, away from the individual with Alzheimer’s Disease. At this time, this role can be transferred to the agent, a trusted family member like the spouse or a third-party professional with a strict fiduciary duty.
The danger is that if left alone, the person living with Alzheimer’s may lose track of bills or other related items. Imagine the difficulties and financial quagmires associated with discarding insurance documents or inadvertently failing to pay bills each month. An elder law attorney is best positioned to answer your questions and share the intricacies of how to best plan for and handle this situation.
Estate planning helps to take care of both the short-term and long-term needs. Your long-term care plan can ensure that you know early how you will be able to afford the future care you need. Although there are solutions available in a crisis, planning early will greatly benefit both you and your family. Further, having a plan in place will also go a long way towards creating stability and peace of mind.
We know this can be a challenging time. Do not wait to contact our office on any estate planning or elder law issue, or any questions this article raises for you.