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Asset Protection Is Vital For Alzheimer’s Patients

senior on a bench

September 21, 2020 is World Alzheimer’s day, an annual event sponsored

by Alzheimer’s Disease International (ADI) to raise awareness and challenge the

stigma surrounding Alzheimer’s and dementia. According to ADI, stigma and

misinformation about Alzheimer’s is a global problem, requiring global action. For

example, early signs of Alzheimer’s include decreased executive functioning,

disorganization, and decreasing ability to multitask. Did you know, however, that

these very symptoms may be often dismissed as a person merely being tired or

getting older. The end result of these stigmas and misinformation can be a lag time

until an Alzheimer’s diagnosis is made.

The delayed diagnosis can result in the loss of critical time, not only in terms of

evaluating treatment options, but also in terms of financial planning. Unfortunately,

an Alzheimer’s diagnosis is associated with excessive medical costs. These costs

range from an Alzheimer’s patient requiring housekeeping, or a companion, all the

way to living full-time at a memory care center. Following an Alzheimer’s diagnosis,

asset protection can be imperative.

This may include Medicaid planning so the Alzheimer’s patient can receive

government assistance for his or her health care needs. This may also include the

formation of a special needs trust, which can provide for the Alzheimer’s patient,

while protecting his or her assets. Furthermore, it may include designating a durable

power of attorney for financial decision making and a will or trust to distribute assets

upon the person’s passing.

As financial situations are varied, it can be important to consult with an estate

planning attorney for individualized guidance. It can be best for this planning to

occur while the Alzheimer’s patient still has the legal capacity to make his or her

own legal and financial decisions. Legal capacity is the ability of a person to

understand the actions they are taking, as well as, the potential consequences of

those actions. If the person lacks legal capacity, the planning can still be

accomplished, but will likely require a court appointed conservator.

Contacting our office immediately following an Alzheimer’s diagnosis means that we

can start helping you manage the road ahead right away. Reach out to our office

today to schedule a meeting.


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