As reported on Forbes.com, September was World Alzheimer’s Month. It hasn’t been officially extended to October but the topic is so relevant that we should continue to consider the impact of the disease on our society. In particular, the impact of the disease on individual sufferers and their families. Here are a few relevant points from the Forbes article.
- The rate of diagnosis for Alzheimers is on the rise.
- The costs associated with caring for patients with the disease are overwhelming.
- Finding effective treatments and hopefully a cure should be a priority.
- Individuals can start preparing now by reviewing and updating their financial and estate plans.
Individuals have some some options when it comes to preparing for an Alzheimer’s diagnosis. First and foremost, do not ignore symptoms and if necessary, see a medical professional. If paying for long term care is a concern, talk with your financial advisor to discuss your financial situation and your options to pay for your medical care. The Alzheimer’s Association has great resources for individuals and families dealing with an Alzheimer’s diagnosis. Note that these resources are also applicable to those suffering from dementia, stroke, and other mentally incapacitating illnesses.
Mental Incapacity and Estate Planning
As I have discussed in previous posts, incapacity planning is very important for elderly individuals, particularly those with Alzheimers or dementia. However, this type of planning isn’t just for that select group of people. The reason is this: the plan must be completed before the incapacity occurs. Once a client is incapacitated, it is too late to prepare the necessary estate planning documents. Since it is ideal to have your estate plan updated prior to any illnesses, it is extremely important to talk with your estate planning attorney upon the first signs of Alzheimers. Delaying the preparations will only cause more stress for you and for the people who care for you.
The takeaway
Regardless of your health prognosis this month, motivate yourself to meet with your medical, financial, and estate planning advisors to create a plan. Then, if you live in Minnesota or another 4-season state, move on and enjoy the last few days of Fall.
