Alzheimer’s is one of our nation’s costliest diseases. According to the Alzheimer’s Association, total health care, long-term care and hospice payments related to Alzheimer’s disease and other dementias will total $236 billion in 2016. Sadly, afflicted individuals without adequate long-term care insurance frequently lose most, if not all, of their financial assets.
But even dementias’ beginning stages and mild cognitive impairment experienced by healthy seniors can put personal wealth at risk. That’s why it’s important to begin having conversations about your aging family member’s finances well before you see signs of mental decline. Obviously, this has to be done with great sensitivity and respect. Make sure they know you don’t want to take control, but you would like to ensure they are protected and their wishes honored in the years to come.
During ongoing dialogs, try to learn what you’ll need to know if it becomes necessary to manage their finances: the names and contact information of their financial planner, accountant and attorney; financial records and where they are kept; their monthly income and the sources; insurance policies; the location of financial accounts; regular bills and how they are paid; and log-in information for online accounts.
Suggest meeting jointly with their financial advisor and/or other family members. Gain an understanding of their priorities. Ask which assets are most important to them, which causes they want to support and whether their will is up-to-date.
Propose having legal documents created that will allow you or another family member to make decisions if your loved one becomes unable to. This can include: a health care power of attorney (POA) or a more limited living will, either a limited or durable power of attorney for finances, an authorization to disclose account information and a form authorizing a financial institution to contact you if concerns arise about their ability to manage finances. Not having these documents when they’re needed can make helping your elderly relative considerably more difficult. For example, without a POA, you may need to go to court to attain guardianship of your family member to access accounts on their behalf.
Contact our office if you would like more information about protecting your loved one or help creating a plan to care for them. Next week’s newsletter will discuss ways to protect a vulnerable parent from fraud. Contact Jordan Dechtman, Denver retirement specialist by calling 303-741-9772, email Jordan@JordanDechtman.com or visit our website www.JordanDechtman.com to schedule an appointment.
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Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Dechtman Wealth Management, LLC [“DWM”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from DWM. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. DWM is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the DWM’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.dechtmanwealth.com.
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