Image Source: tricitypsychology.com
My friend and I had a lengthy conversation about Alzheimer’s last night. At 70, she was showing symptoms of the disease. She wanted to see a doctor but was worried about how she would handle the news in case her assumption was true. Aside from worrying about how her family would react to her possible condition, she was also worrying about her family’s finances. Apparently, she won’t be able to make sound financial judgment if the sickness progresses.
For those of you who are in the same situation as my friend’s, I recommend that immediately after the diagnosis, gather your family and tell them about your plans—where you want to live, how you want your properties to be managed, and what type of elder care you want to receive. To make your plans legal, hire an elder law attorney and have him draft the necessary documents.
Image Source: health.com
Since you will not be able to decide for yourself in the future, you should make sure that your family members will carry on these plans once the symptoms of Alzheimer’s progresses in severity. In addition, make sure that your bank honors your prepared legal documents. Your children may need access to your financial accounts in the future to pay for your medication and other elder care expenses.
Alzheimer’s is a debilitating disease that often manifests in old age. If you develop this condition, you will experience gradual memory loss. This will make it difficult for you to manage your day-to-day activities, including your finances. But because the disease is progressive, you can still make important plans and decisions during its early stage.
Don’t wait until Alzheimer’s takes away your future. Instead, plan your finances now.
Image Source: alz.org
Dana Ray Reynolds is a financial planner who specializes in risk management and tax planning. Follow this Twitter page for more money management tips.
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