It’s natural for children to worry about their aging parents, especially when there’s a growing concern for dementia. Whether it’s worrying about their quality of life or how to protect their assets, dementia is a challenging diagnosis, and it requires proper planning. Dementia can leave the elderly vulnerable, and their assets can be at risk of being lost. As a financial advisor, I have seen countless families struggle to overcome the impact of dementia on their loved ones. In this blog post, I’ll share with you some of the most common stories I hear from my clients and how you can protect your aging parent’s assets from loss due to dementia.
Create an Asset Inventory
Dementia can cause people to forget important details, make irrational decisions, or even become a danger to themselves and others. Unfortunately, many elderly people with dementia become easy targets for financial exploitation. As a result, it’s important to plan to protect their assets and provide for their care. When dementia affects someone, locating important documents and valuable assets can be challenging. We recommend that families create an asset inventory so that everyone involved can keep track of valuable items and protect them in the future.
Manage Finances
Another common issue we see with dementia is managing the elderly’s finances. Dementia can confuse and lead to poor decision-making. The best thing you can do is make arrangements to manage their finances. This can range from monthly bills to dealing with taxes, so planning for these activities is essential. Seek a lawyer or financial advice now, and get the legal and financial protections in place.
Plan for Long-Term Care
In addition to managing finances, families should plan for long-term care facilities. Once dementia progresses to a certain point, it’s no longer safe for the elderly to live at home. You’ll need to find a suitable care facility to look after your loved one. This can involve a considerable financial burden – often in the hundreds of thousands- for nursing homes and other long-term care services. Planning, working with a lawyer, and taking advantage of state benefits can help reduce these expenses and protect the elderly’s assets.
Seek Advice from an Experienced Lawyer
While dementia can be challenging, we must remember that there are resources available that can help protect your loved ones’ assets. One way to secure your loved one’s assets is to seek advice from an experienced lawyer specializing in these matters. It’s best to advise the family beforehand on the potential risks and preventative measures and devise a plan that fits the situation. Look at insurance options for medical needs, ensure you have an up-to-date will, and settle the estate if you need expedited legal proceedings.
Dementia is an important issue that can affect many families. However, with the right planning and support, you can protect your loved ones’ assets and ensure they receive the best care in a safe and secure environment. It’s important to plan and seek legal and financial advice. When you partner with an experienced professional, you’ll find the peace of mind you’re looking for, even when facing a disease like dementia. Remember, the most important thing is to ensure your loved ones are looked after and have their assets secured. Don’t wait, create a plan for your parents with dementia today.
Contact the Law Offices of Pat G. Micek for Help
Please let us know how we can assist you in estate planning, creation of a will or trust, or elder law. We serve clients across Westchester County and in the city of New York on a wide variety matters. Please call 914-358-4235 or use our convenient online e-mail form.