Incapacity, Alzheimer’s Disease, & Estate Planning
Estate planning involves the protection, optimization and preparation of your assets for transferal to your loved ones after you pass away. However this event does not take place in a vacuum, so this type of planning also involves recognition of the realities that you may well be facing toward the end of your life. Planning for this period of time is also part of any comprehensive estate planning strategy. Though it may not be the most pleasant thing to consider incapacity is a very real possibility, especially when you factor in the ubiquity of Alzheimer’s disease.
Everyone has heard of Alzheimer’s disease but few people who have not been touched by it personally or done a significant amount of research into it recognize just how widespread it is. It can be somewhat startling to hear that one in eight people 65 years of age and older are suffering from Alzheimer’s disease. To take this probing a step further half of all people who are at least 85 years old are suffering from Alzheimer’s disease.
The damages that this disease can inflect are severe, including full-scale mental and physical incapacitation in some cases. Alzheimer’s disease is the seventh leading cause of death in the United States at this time, and unfortunately it is very likely that more and more people will succumb to this disease as the population of the oldest old continues to grow.
Alzheimer’s disease causes dementia, which can make it impossible to make sound personal and financial decisions. This is why it is so very important to have an incapacity plan in place that protects you legally should you become unable to make decisions for yourself at some point in time.
In addition to the financial aspect you may want to prepare for the possibility of a stay in a long-term care facility that is equipped to assist those who are suffering from Alzheimer’s disease. If you’re ready to take action but not certain where you should start, you may want to arrange for a consultation with an experienced elder law attorney who can explain your options and help you make preparations for any and all contingencies.
