• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Wilcox Attorneys, PA

Wilcox Attorneys, PA an Arkansas Estate Planning & Trust Information Center

Northwest Arkansas Estate Planning Attorneys (479) 443-0062

Client Vault
  • Home
  • Our Firm
    • Our Firm
    • About the American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • News & Events
    • Speaker Connection
  • services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • Legacy Planning
    • Pet Planning
    • Secure Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Webinars
  • Practice Areas
  • Resources
    • DocuBank
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Articles
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • Legacy Wealth Planning
      • Medicaid Planning
      • Pet Planning
      • Probate
      • Trust Administration & Probate
    • Newsletters
    • Pre Consultation Form
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
  • Blog

Financial Planning for Someone with Alzheimer’s

July 14, 2016 by Deb Sexton Leave a Comment

This is an article from Anderson, Dorn & Rader, Ltd. (https://www.wealth-counselors.com/) in Reno, Nevada, that we thought others may find helpful.

Alzheimer’s is a type of dementia that causes problems with memory, thinking and behavior. The symptoms of Alzheimer’s usually develop slowly, but get worse over time, becoming severe enough to interfere with the individual’s daily tasks.  Alzheimer’s is the most common form of dementia, accounting for 60 to 80 percent of all dementia cases.  If you have a loved one who is suffering from Alzheimer’s or you suspect they may be, it is time to start thinking about financial planning for someone with Alzheimer’s.

Legal and Financial Issues

old-peoples-home-524234_640It is not uncommon for our parents, or other seniors in our lives, to need assistance with various aspects of our lives, as they grow older.  Most of us find ourselves unprepared to deal with the legal and financial consequences of Alzheimer’s.  Because of the expectation of a continual decline in mental and physical health, associated with Alzheimer’s, family members are encouraged to review and update their health care and financial arrangements now.  If you do not have those plans in place, you need to at least create the basic instruments, such as living trusts and advanced directives, to ensure that all financial decisions can be appropriately made.

Why advance planning is necessary

One of the major issues with Alzheimer’s and other types of dementia is the fact that the individual will gradually lose the ability to think clearly, jeopardizing their competence to make legal and financial decisions.  This decline in the ability to have meaningful participation in decision making means that advance planning is critical.  If at all possible, advance planning should begin as soon as possible after a diagnosis of Alzheimer’s, while your loved one is still able to participate in the planning.  In many cases, individuals with early-stage Alzheimer’s are still capable of understanding most aspects of the necessary decision making.

Do I need a lawyer?

There are many important reasons to obtain the advice of a lawyer whenever you are considering advance planning.  This is especially so, when you are dealing with the legal and medical issues related to Alzheimer’s patients.  In order to be sure that your loved one’s wishes will be carried out, it is wise to retain an attorney that is experienced in interpreting the laws, and knows how to anticipate problems that may arise.  Preparing for the future can be complicated and overwhelming, an experienced financial planning attorney can make it easier on you and your family.

Using Advance Directives for Management of Finances

In order to create the necessary advance directives, your loved one must still have the legal capacity to make decisions.  The estate planning tools that would be used, all require legal capacity, including wills, powers of attorney, and living trusts. Many medical and legal experts believe that a person newly diagnosed with Alzheimer’s needs to move quickly to create or update these important documents.

  • Author
  • Recent Posts
Deb Sexton
Latest posts by Deb Sexton (see all)
  • Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
  • Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
  • The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Wilcox Attorneys, PA

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Subscribe to Our Blog

Subscribe to our blog for all the latest estate planning news and updates!

Office Address

Fayetteville
2766 Millennium Drive
Fayetteville, AR 72703
Phone: (479) 443-0062

Office Address

Prairie Grove
1100 Division Street, Suite 4
Prairie Grove, AR 72753
Phone: (479) 846-6026

( By Appointment Only )

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 12:00 PM

Map

map for office
  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

footer-logo

© 2023 American Academy of Estate Planning Attorneys, Inc.