How an Early-Onset Alzheimer’s Diagnosis Can Change Your Estate Planning Strategy

Most folks think Alzheimer’s disease only affects those of advanced age, but early-onset Alzheimer’s can affect individuals in their 60s, 50s, and even early 40s. They may still be working, have families, and financial obligations they need to meet. The shock of a diagnosis at a young age can be overwhelming. However, it also creates a sense of urgency to update your estate plan. This will ensure that your financial assets are protected.

For families dealing with Alzheimer’s disease, taking proactive measures can have a major impact on your loved one’s financial well-being.

The importance of acting while legal capacity still exists

One of the most important considerations when planning the estate of someone with Alzheimer’s is the timing of the planning process. This is due to the fact that the legal capacity to execute estate planning documents such as wills, trusts, and powers of attorney requires that the individual have the capacity to make legal decisions.

By planning early on, your loved one will be able to make their wishes known to their family concerning the management of their estate when they can no longer manage it themselves.

Those with Alzheimer’s can maintain control over their future planning through the creation of relevant legal documents as soon as they are diagnosed with the disease.

Updating wills, trusts, and beneficiary designations

A diagnosis of early-onset Alzheimer’s disease should lead to a review of existing estate planning documents. Often, the individual created their will or trust several years ago when their circumstances were vastly different.

Reviewing the will is essential to ensure that your loved one’s assets will be distributed how they want. Families with minor children or dependents should consider how the will can be used to appoint a guardian and manage the family’s financial situation.

A revocable living trust can also be a valuable resource. A trust can be created to allow a trustee to manage your loved one’s assets if the individual is no longer able to do so themselves.

Beneficiary designations on retirement plans, insurance policies, and other assets should also be reviewed to ensure that they are coordinated with the revised estate plan.

Planning for long-term care costs

The early onset of Alzheimer’s disease also means that individuals may need long-term care for a number of years. This can be a substantial burden, especially if the family needs to pay for the cost of an assisted living facility, a memory care unit, or a caregiver for the individual at home.

Medicaid planning, asset protection, and long-term care planning can also be important tools in the estate planning process. In terms of Alzheimer’s, it’s important to understand the Medicaid qualification rules.

Protecting your family’s financial future

Many folks living with early-onset Alzheimer’s have spouses, children, and other dependents they must provide for. Thus, estate planning must not only take into consideration the needs of the individual living with early-onset Alzheimer’s, but the needs of the whole family as well.

The use of durable powers of attorney, health care directives, and trusts enables a trusted loved one to handle finances, pay bills, and make medical decisions for the individual living with early-onset Alzheimer’s should they be unable to do so for themselves.

Even though a diagnosis of early-onset Alzheimer’s can change a person’s life, estate planning can bring order, protection, and clarity to the individual living with early-onset Alzheimer’s and their family. With the expertise of a Virginia Beach elder law attorney, a well thought out plan can be developed to protect everyone, bring dignity, and provide for the needs of those living with early-onset Alzheimer’s.

Talk to a Virginia Beach, VA, Estate Planning Lawyer Today

The Law Office of Angela N. Manz represents the interests of Virginia Beach residents who need to update or draft an estate plan. Call our Virginia Beach estate planning lawyers today to schedule an appointment, and we can begin discussing your next steps right away.