Alzheimer’s disease is one of the most devastating medical conditions associated with advanced age. It is a form of dementia that slowly progresses and eventually renders an individual incapable of living independently.
People in the early stages of Alzheimer’s disease are often in a position to protect themselves and their loved ones. They can engage in elder law planning before their condition deteriorates to protect themselves and their loved ones.
What planning can be beneficial for those concerned about the impact of Alzheimer’s disease?
Planning for incapacity
As Alzheimer’s disease progresses, older adults lose their ability to understand their circumstances. They may eventually lose their testamentary capacity, meaning they can no longer draft estate planning documents. They may also become incapable of managing their finances and legal matters.
Drafting durable powers of attorney before their condition worsens may allow an older adult with Alzheimer’s disease to choose the party who manages their affairs when their condition worsens. They can also provide instructions about their medical preferences.
Planning for long-term care
Alzheimer’s disease can take years to progress. Those diagnosed early have an opportunity to plan in advance for covering long-term care costs.
Typically, people applying for Medicaid benefits are subject to a five-year lookback period. They could be subject to a penalty, and their assets are at risk of estate recovery efforts after they pass. Planning quickly after a diagnosis to ensure access to Medicaid benefits can help adults pay for their care and preserve their resources with less risk of a penalty.
Taking proactive steps to address a recent Alzheimer’s disease diagnosis can be beneficial for older adults and their loved ones. With the right planning, those with progressive medical conditions can secure support from trusted individuals and government programs.
