An Alzheimer’s Diagnosis and Estate Planning

When a Myrtle Beach area family receives the devastating news that their loved one has Alzheimer’s disease it is an emotional time. There are many uncertainties surrounding Alzheimer’s including how the progression will affect their loved one, who will take care of their loved one and how their loved one’s assets can be protected. Estate planning when there is an Alzheimer’s diagnosis is crucial.

Alzheimer’s is one of the most devastating diagnosis a person can receive and can be difficult for everyone in the family. Soon after receiving a diagnosis a family should put together a care plan and an estate plan before their loved one’s cognitive functions get worse. A living will with medical and durable powers of attorney is important. These powers of attorney along with a trust, will and supplemental needs trust are also important.

Families should also make sure they know about all their loved one’s bank accounts, pension plans, investment accounts, retirement accounts, life insurance, bonds and Social Security payments. A family will also need to pay their loved one’s bills, tax returns, health care claims and other financial obligations.

Families who have a loved one who has been diagnosed with Alzheimer’s should know that their loved one will soon have diminished mental capacity and will need assistance with everything. It is important for a family to protect their loved one’s assets and having a plan in place can make sure everything is under control even during this tumultuous time.

An Alzheimer’s diagnosis is devastating for families. This is the time that families need to come together and create a plan for their loved one both now and into the future.