Navigating Legal and Financial Issues in Alzheimer’s Care: Planning Ahead for the Future

When caring for someone with Alzheimer’s, it is important to consider legal and financial issues such as estate planning, power of attorney, and long-term care costs. It is also important to discuss these issues with your loved one while they are still able to make decisions.

Estate planning is the process of preparing for the transfer of a person’s assets after their death. It includes creating a will, setting up trusts, and designating beneficiaries for life insurance policies and retirement accounts. Estate planning is important for everyone, but it is especially important for those caring for someone with Alzheimer’s to ensure that their loved one’s assets are protected and distributed according to their wishes.

A power of attorney is a legal document that allows a designated person to make decisions on behalf of someone else. This is important for Alzheimer’s care because as the disease progresses, the person with Alzheimer’s may become unable to make their own decisions. Having a power of attorney in place can ensure that their wishes are still being met and that important decisions are being made in their best interest.

The costs associated with long-term care for someone with Alzheimer’s can vary depending on the level of care needed. In-home care can cost several thousand dollars per month, while assisted living facilities and nursing homes can cost upwards of $100,000 per year. It is important to plan for these costs in advance and consider options such as long-term care insurance.

There are many resources available to help with legal and financial planning for Alzheimer’s care. These may include elder law attorneys, financial planners, and social workers. Local Alzheimer’s Association chapters may also provide resources and guidance for families caring for someone with Alzheimer’s.