Alzheimer’s is a devastating disease that impacts more Americans every year. In order for patients to take care of themselves and their families, a recent article explains that it is vital that they prepare for the impact of the disease, financial and otherwise, immediately after they are diagnosed.
Even if you believe that your life savings or long-term-care policy will cover the first few years of your medical treatment, Alzheimer’s patients may survive for many years. It is therefore vital to plan ahead. For instance, it may make sense for some people to reduce their assets so that they will be able to apply for Medicaid. People in this situation will need to make gifts of their assets to their children over five years before they plan to apply for Medicaid.
It is also important to discuss your wishes for long term care with your family members or loved ones. As the disease progresses, patients will no longer be able to express these wishes. Decisions you should discuss with your family members include what type of care you would like to receive, and where you would like to live.
For assistance creating an estate plan, contact an experienced estate planning attorney.
