Alzheimer’s is a horrible disease for which there is no cure. However, working with a qualified estate planning attorney to create a plan while in the early stages of the disease can be empowering.
We can’t stress enough how important it is to see your doctor if you experience any symptoms associated with Alzheimer’s. As long as the effects of Alzheimer’s remain irreversible, early detection coupled with treatment provides the only opportunity to prolong independence. (For more information on symptoms, please refer to our previous article entitled Planning In Case of Dementia).
In regards to Alzheimer’s and estate planning, there are four specific documents which may be of great use.
The first is the trust agreement.
By putting your assets into a trust, you prevent them from being used against you in regards to qualifying for state or federal benefits intended to ease the high cost of care and treatment. Not to mention, a trust protects your estate from recovery cost associated with those benefits. This means you can leave assets to your beneficiaries.
A durable power of attorney allows you the ability to pick someone of your choosing to make decisions on your behalf should you become incapacitated. This person has the ability to pay bills or manage your estate should you be unable to do so.
A health care power of attorney allows you to appoint someone to make medical decisions.
A healthcare directive allows you to choose an agent to make end of life decisions.
An estate plan may not be able to extend life, but it can extend your quality of life.
For more information about wills, trusts or other estate planning documents, please contact a qualified estate planning attorney.
