Financial Planning for Alzheimer’s Disease
Many people are unprepared to deal with the legal and financial consequences of a serious illness such as Alzheimer’s disease. Legal and medical experts encourage people recently diagnosed with a serious illness — particularly one that is expected to cause declining mental and physical health — to examine and update their financial and health care arrangements as soon as possible.
Basic legal and financial instruments, such as a will, a living trust, and advance directives, are available to ensure that the person’s late-stage or end-of-life health care and financial decisions are followed. A complication of this progressive disease is that the person may lack or gradually lose the ability to make decisions for themselves. This change affects his or her ability to participate meaningfully in decision making. Early legal and financial planning is extremely important. Although difficult questions often arise, advance planning can help people with Alzheimer’s and their families clarify their wishes and make well-informed decisions about health care and financial arrangements.
When possible, advance planning should take place soon after a diagnosis of early-stage Alzheimer’s disease while the person can participate in discussions. People with early-stage disease are often capable of understanding many aspects and consequences of legal decision making. However, legal and medical experts say that many forms of planning can help the person and his or her family even if the person is diagnosed with late-stage Alzheimer’s Disease
Alzheimer’s Disease and other cognition impairing diseases are financially devastating to families because of the high cost of care. Mitchell, Brown & Associates, as elder law attorneys, are especially equipped to assist families in planning for the high cost of care and therefore, limiting the financial devastation of Alzheimer’s Disease for the family.
We encourage you to contact our St. Louis attorneys to get the advice you need. Together, we can discuss your long-term goals and advise you on planning that will allow you to reach those goals.