Wednesday, October 9, 2013
Alzheimer’s is one of the nation’s costliest diseases and those impacted by this deadly disease should have candid conversations with financial professionals about the problems this affliction can bring to a family’s finances, no matter how hard it may be to discuss.
Alzheimer’s signature mark of memory loss can impede one’s ability to make smart financial decisions, meaning investors should lay out health care and financial plans well before Alzheimer’s takes its toll. Besides a will, living will, and durable powers of attorney, financial experts should also stress insurance options like long-term-care insurance, annuities, and life insurance containing riders that would provide a benefit if chronic care were needed.
While many financial advisers recommend close family members be appointed as a power of attorney, third-parties should also be considered because emotional attachments can make end-of-life decisions more difficult.
See Maggie Overfelt, Create Financial and Legal Plans to Manage Alzheimer’s, CNBC, Oct. 7, 2013.
Special thanks to David S. Luber (Florida Probate Attorney) for bringing this article to my attention.