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Early Diagnosis Beneficial for People with Dementia

By Medicaid Planning and Gifting, Uncategorized

The devastating impact of Alzheimer’s disease and Dementia

A TPT documentary aims the national spotlight on looming Alzheimer’s “epidemic” and its financial and emotional toll on families. The devastating impact of Alzheimer’s disease and Dementia on his own mother — and on his father, who struggled to care for her — first prompted Gerry Richman to take a hard look at the disease. As vice president of national productions at Twin Cities Public Television, he was the mastermind behind a 2004 Emmy-winning documentary called “The Forgetting: A Portrait of Alzheimer’s.” Now, Richman is back with another eye-opening film on the subject. “Alzheimer’s: Every Minute Counts” — airing across the country Wednesday — chronicles the struggles of people living with Alzheimer’s and the emotional and financial challenges it poses for their families. It also forecasts, through interviews with doctors and researchers, a looming crisis for the country as baby boomers enter their senior years and their risk of developing Alzheimer’s increases.brain_slices

The current numbers are scary enough. More than 5 million Americans have Alzheimer’s — with one new case identified every minute. In addition to the emotional toll, it can cost tens of thousands of dollars to take care of someone with Alzheimer’s, making it one of the most expensive diseases and provoking some health experts to predict that it will collapse both Medicare and Medicaid — and the finances of millions of people. Although Alzheimer’s can strike people younger than 65, it generally occurs in those much older. The risk of developing the disease doubles every five years after 65, according to the National Institute on Aging. It becomes much more common among people in their 80s and 90s. With longer life spans come greater numbers of people at risk of Alzheimer’s. “There hasn’t been a large population of 85-year-olds until this generation,” Arledge said.
The full article can be found HERE.

When you or your loved one is diagnosed with a cognitive issue, planning for how to handle the soon to be increased needs of your loved ones is critical. Discussions as to immediate and long term needs must be had with your medical advisers and with your financial advisers. Financial advisers are as important as medical as there must be a plan in place as to how to pay for the additional services needed.

When you need to develop a plan about how to handle the cognitive issues of a loved one, contact our office for a no-cost consultation to discuss your facts and options.

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A Last Will And Testament Is NOT An Estate Plan

By Uncategorized

A Last Will And Testament Is Good Enough, Right?

Will

The Reading Of The Will

Will readings. Family gathered around the table, dressed in black, all sitting in a lawyers office while the lawyer reads to the family. That is how Hollywood has projected it and how it works. The decedent signed the document during their life and the family all learn at the same time who got what.

While that can happen in real life, rarely does it occur. More importantly, and the bigger point of this article, this should NOT happen.

A Will As Part of the Estate Plan – Not the Entire Plan

A Last Will And Testament is a proper and necessary document that all people should have. But the Will is only PART of the documents a person should have as part of their estate plan. A Will is the beginning – not the beginning and the end! A Will should be accompanied with Trust, Durable Powers of Attorneys, Health Care Powers of Attorney, Deeds, Conveyances, Bequests and an overall goal to ease administration and ensure the wishes of the deceased are followed, and followed efficiently.

A Will does not avoid probate – it causes probate

A Will alone does not ease the administration of Estates, it only guarantees that there will be a probate estate to administer. The Probate Courts and the Probate Process is a lengthy, time consuming, expensive process that typically takes over a year to complete.

The attached article explains the impact of not having a full estate plan. While a will is a part of the estate plan, it is not the entire plan. Sadly, this lesson comes too late for some, like Mr. Sacks.

 

The Man who Mistook his Will for his Estate Plan

Meeting and discussing your estate plan with an attorney experienced in drafting and preparing estate plans is an important first step in ensuring your goals and objectives are met. Contact our office for a free consultation on planning your estate, the proper way.

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