Finances are hard to manage for those with dementia.
Are you afraid you may develop dementia as you age?
Are you concerned about finances?
According to a recent Forbes article titled “Managing Finances For A Loved One With Dementia,” those with dementia will need help managing their finances.
A spotty memory can cause one to make poor financial decisions.
What can you do to prepare for this?
First, you should sign a durable power of attorney while you still have the capacity to do so.
What will this do?
This will give a designated individual of your own selection the authority to make financial decisions on your behalf.
You may also want to purchase long-term care insurance, if you are able.
This can help offset costs of your care.
Medical decisions will also need to be made.
An advance health care directive can help with this.
Is this type of planning necessary?
The consequences of not planning are high in financial and emotional costs.
Also, dementia is not uncommon.
In fact, 14 percent of American age 71 or older have dementia to some degree.
If you are at least age 85, you have a one-in-three chance of developing Alzheimer’s.
Unfortunately, most people do not consider these issues and costs in advance.
Just one quarter of all Americans have discussed long-term care and its costs.
Of individuals who are age 50 or older, only half have a will and 40 percent have an advance health care directive.
Neglecting to create a plan is a huge risk to you and your loves ones.
Work with an experienced estate planning attorney now, before you become incapacitated,
If you wait, it may be too late.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Kiplinger (November 16, 2017) “2018 Retirement Contribution Limits for 401(k)s and IRAs”