It goes without saying that Alzheimer’s is one of the most devastating diagnoses an individual can receive.
This morning Washington Trust joined us for what you need to plan for after an Alzheimer diagnosis.
It is equally difficult for their loved ones.
While it might be the last thing you want to focus on, one of the first things you should consider after a diagnosis is putting together a financial and care plan.
Organize and assess your legal and financial documents.
Because of its degenerative nature and the gradual loss of memory and judgment associated with Alzheimer’s and dementia, advance-planning is critical.
Assessing your legal and financial documents and discussing your wishes with family is the first step towards ensuring that decisions about your care and finances are carried out as you wish.
Sit down with your loved ones and go over the following:
•Legal documents: Living wills; Medical and durable powers of attorney; Wills and Trusts. including supplemental needs trusts. If you do not already have estate planning documents in place, make sure you reach out to an estate planning attorney and explain that your need for a plan is immediate. Even if you do not think you need an estate plan, basic health and financial power of attorney will be necessary for your family to assist you.
•Financial documents: Bank account information; Deeds, mortgage papers or ownership statements; Insurance policies; Ongoing or outstanding bills; Pension and other retirement benefit summaries; Social Security payment information; Stock and bond certificates
•Additional financial responsibilities: Paying bills; possibly passwords to bill paying websites; Benefits claims; Tax return preparation, Investment decisions
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