Receiving a diagnosis of Alzheimer’s disease is a challenging and emotional moment for both the individual diagnosed and their family. Amidst the emotional turmoil, it’s crucial to address estate planning issues early while the individual still has the mental capacity to understand and make informed decisions. To assist you on this journey, we’ve outlined several vital estate planning steps that Alzheimer’s patients and their families should immediately consider.
Durable Property Power of Attorney and Revocable Living Trust: A Power of Attorney is among the most critical estate planning documents for someone diagnosed with Alzheimer’s. It enables you to appoint someone to decide once you become incapacitated.
There are two types of Power of Attorney documents to consider. First, a Property Power of Attorney allows someone to manage your finances and property. We recommend naming a primary and backup agent to ensure seamless decision-making if your primary agent cannot serve. Without a Power of Attorney, your family might need to go through the time-consuming and costly process of seeking an interdiction to manage your affairs.
Update Healthcare Documents: Ensure your healthcare documents are up-to-date. A Healthcare Power of Attorney permits someone to make medical decisions when you cannot. Additionally, have a separate HIPAA authorization listing authorized individuals who can communicate with your medical providers, access medical records, and speak to pharmacists. Consider a Living Will which outlines your preferences for end-of-life care. It’s essential to specify whether your Healthcare Power of Attorney agent can deviate from your written wishes or if they must adhere strictly to your instructions.
Prepare for Long-Term Care: Caring for someone with Alzheimer’s or dementia often involves making safety-related modifications to your home, increased prescription drug costs, and personal care supplies expenses. Addressing the potential costs of long-term care, such as facility or memory care unit expenses, is vital. Discuss your financial plan early after diagnosis to ensure everyone understands how future expenses will be covered. Consult with an Elder Law attorney who can recommend specific trusts to protect certain assets from long-term care costs when planning is initiated early enough.
Consider Funeral Plans: While not typically outlined in your Will or Trust, thinking about your funeral or memorial service preferences is crucial to your estate plan. Some individuals prefer non-traditional celebrations of life. You might even consider pre-paying these expenses to ease the emotional and financial burden on your loved ones after your passing. Pre-paying for your funeral can also be a strategy to spend down assets if you are in a nursing home and seeking Medicaid eligibility. Medicaid rules have specific requirements, so consult your Elder Law attorney if you or your loved one is in this situation.
Once an Alzheimer’s diagnosis is received, time is of the essence. Our mission is to provide peace of mind to our clients and their families, especially during challenging life transitions like an Alzheimer’s diagnosis. We proudly support the Alzheimer’s Association and its efforts to advance research and advocacy for families affected by the disease.
On September 21st, you’ll find our team at the Covington Trailhead for the Walk to End Alzheimer’s. We invite you to join us, donate if you can, and, most importantly, share this event to raise awareness.
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