04/27/12: Although it’s an unfortunate situation, I often deal with clients who have a loved one that has been diagnosed with some form of Dementia or Alzheimer’s. Anyone facing this type of situation wants to be focused on their loved one rather than dealing with stressful financial decisions.
If you are dealing with this type of scenario, the first thing you should do is surround yourself with a team of professionals who are experienced in dealing with Alzheimer’s and Dementia. This would consist of a financial advisor, legal counsel, health care specialist, and mental health professional.
Here are three of the most common questions I receive when I am giving financial advice to a client.
Q: Should I start making financial plans now or should I wait?
A: You want to start making financial plans immediately after diagnosis while the loved one can still participate in the planning process. Once the loved one can no longer participate in the decision making process, the hard decisions become harder and stress levels can rise.
Q: How can I manage the costs associated with Alzheimer’s and Dementia?
A: There are various governmental programs such as Medicaid, V.A. Benefits, tax deductions, and tax credits that can be used to offset a significant portion of what could be staggering medical costs. There are also insurance options such as long-term care or accelerated death benefits for life insurance that will advance death benefits in case of a terminal diagnosis.
Q: How can I protect my loved one’s assets for future generations?
A: There are many financial considerations when addressing your loved one’s assets for future generations. Based on your loved one’s individual needs, your team of professionals should develop a strategy to avoid the complicated financial pitfalls that may occur, such as the “5 Year Look Back Rule”. While I do not give legal counsel, our firm has the ability to create a team of these professionals with our trusted business partners to meet your needs and the needs of your family. We can also incorporate and work with any professional with which you already have a relationship.
If you have this need, let us assist you with building a team of knowledgeable professionals who collectively can develop a sound financial strategy for you. This way, you can focus on being the caregiver for your loved one, knowing you have a financial strategy in place.
I would like to talk with you should you have any questions or concerns. You can call me at (205) 989-3498 or email me by clicking here.
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