Early Dementia and Financial RealityDementia, which most commonly occurs in conjunction with Alzheimer’s Disease, can be a slow-progressing condition or can cause an almost immediate change in your life. A diagnosis of this magnitude can disrupt even the most comprehensive of retirement plans, and should trigger you to examine your financial reality and make some decisions about your immediate future, both in terms of Long-Term Care and financial support for the family members who may be dependent on you.
Unfortunately, Alzheimer’s Disease has become a way of life for an estimated 5.4 million people in the United States, and that number is only expected to increase as a generation of baby boomers begins to turn 70. It is common knowledge that there is currently no cure for Alzheimer’s Disease, which now results in a decline in cognitive abilities and other issues that culminate in death.
Alzheimer’s Disease and dementia in general can be to blame for a number of different aspects of your finances. It may cause bills to go unpaid and much-needed income to be given away to telemarketers and QVC purchases. Poor financial decisions may not only ruin your credit, but also can compromise your ability to support yourself in the years to come. Dementia also may decrease your retirement contributions by removing you from the workplace much earlier than you expect. When dementia forces you to retire five years earlier than you planned, your retirement contributions, income, and ability to support yourself all will suddenly decrease. If you don’t plan for this contingency, you could be left in an extremely poor financial position and unable to access necessary resources.
Fortunately, there are a number of ways that you can take care of yourself should any type of mental incapacity occur. You should engage in Estate Planning in order to have your financial affairs in order and in a less burdensome condition after your death. You should designate the person or persons whom you want to make important healthcare and financial decisions on your behalf. You also should determine how you are going to pay for the costs of Long-Term Care if they become necessary.
When you or a loved one receive a diagnosis of dementia or another similarly serious medical condition or disease, the impact can be devastating for you and your family. If you are in this situation, you need to take immediate steps in order to ensure that your wishes are carried out, both respect to your financial affairs and your medical decisions. Call Elder Law Group PLLC today at 509.468.0051 and learn how our Tri-Cities/Kennewick wealth preservation attorneys can advocate on your behalf.