Estate Planning After a Dementia Diagnosis

Alzheimer’s dementia is a disease that millions of Americans are living with, and its effects are felt by their loved ones as well. When someone you care about receives this diagnosis, it can be very difficult to process and accept.

Instead of focusing your attention on what you can’t control—the disease—shift your priorities to what you can. Look for ways you can take care of and support the people who are unable to do so for themselves. Help them coordinate and develop an estate plan so that it can be executed according to their wants and wishes.

Legal Documents

Because of the nature of Alzheimer’s, a patient is going to experience a decline in their cognitive function. Only people who understand the consequences of their actions and are capable of making rational decisions can sign the legal documents meant to safeguard their estate. With Alzheimer’s patients, a doctor can verify if a patient has the proven capacity to sign their documents.

Here are some of the documents you should consider creating:

• • A Will: To determine how an estate will be handled.
  • A Living Trust: To designate a trustee to handle and manage the assets of the trustor.
  • An Advanced Directive: To declare the patient’s wishes for medical care if he or she cannot speak for themselves or are incapacitated.
  • An Asset Protection Trust: To help protect your hard earned assets from the costs of long-term care.

Start Small 

Not only can this process be overwhelming, but it likely involves subject matter that you are not familiar with. To help you begin, start with the more manageable tasks and work outwards.

For instance, find out if your loved one has already established an estate plan. Your attorney can ensure they are current and applicable. From there, shift your focus to finances and property.

Finances are critical at this juncture because they will show you how much you can funnel into health care. There are significant costs associated with long-term care. Getting an image of your financial landscape will be important when planning your immediate future.

Now you will be able to outline your plan for both their immediate health needs and long-term care.

Elder Advisors Law 

When it comes to estate planning, Elder Advisors Law possesses the background and experience to ensure your loved one’s wishes are carried out. This requires a command of Federal Medicaid Laws, Wisconsin laws, and the ability to create the proper legal plan that reflects your intent. If you need help with your estate planning, contact us online or call us at (844) 211-1392. A great place to start is to attend one of our free educational workshops on estate planning. Being educated now will save you time and money with an attorney later.