Has a loved one in your family recently been diagnosed with dementia? You may be trying to sort out what this diagnosis means for you as well as your other family members and there’s a good chance that you have many different questions about how your life will need to change.
Much is dependent on the actual diagnosis of dementia and how advanced it is considered at that point in time. If you are still in the early stages of this type of condition, it’s a good idea to speak to planning professionals now while the person affected by the diagnosis will still have the opportunity to make some decisions on their own and so that you can, as a family, come to terms with how these different issues all interconnect and affect one another.
There are several different planning professionals you want to have on your side shortly after the diagnosis of dementia for a family member. These include a tax professional, a financial planner, and an estate planning attorney.
Overseeing all components of the initial financial independence might be possible now while the person is still of sound mind, but if their condition continues to decline, you will need critical estate planning documents that articulate who is enabled to act in their care if the diagnosis gets worse. The support of a knowledgeable estate planning professional helps you to figure out which of these are most applicable. Relying on multiple professionals to identify issues ensures that you can address them with the least amount of disruption to your life.
Maintaining a professional relationship with a team of people who are knowledgeable about the impacts of dementia often gives those professionals a chance to check in with one another to see if anyone has noticed any concerning behavior. Your estate planning attorney, for example, might have a referral for you for a person who can help you with financial planning.