Financial & Legal Planning for Those Diagnosed with Dementia

If you or a loved one has been diagnosed with Alzheimer’s or another form of dementia, you and your family will need to take steps to plan for your/their future.  Experts advise families that along with discussing dementia care options, they financially and legally plan for the future. 

The National Institute on Aging advises the person to examine and update their financial and healthcare arrangements as soon as possible. By having legal and financial documents in place, such as a will, a living trust, and advance directives, it ensures the person’s late-stage or end-of-life healthcare and financial decisions are carried out.      

The NIA suggests having a lawyer draw up and maintain the documents as they understand State law and can help update changes to a person’s circumstances such as divorce or a death in the family, and other applicable changes.  These documents should include Advance Directives for Health Care: 

A living will expresses the person’s wishes in regard to medical treatment near the end of life when they can no longer make known their decisions regarding healthcare.  In addition some people have a Do Not Resuscitate Order signed by a doctor, placed in their medical file that instructs healthcare professionals to not perform CPR in the event they stop breathing or their heart stops.  

A durable power of attorney for health care is a document that specifically designates a person (sometimes known as an agent or proxy) to make healthcare decisions for the individual when they no longer have the capacity to do so.  This document applies to all healthcare decisions and for all types of medical conditions. 

Advance Directives for Financial and Estate Management must be done while a person still has the legal capacity to make decisions and includes a durable power of attorney for finances.  This designates a person of your choosing to manage and make financial decisions for you if you become incapacitated. 

MorningStar at Bear Creek provides loving, compassionate assisted living dementia care to those in the onset of the disease right through to the most advanced stages.  Please visit our website for pricing and availability. 

MorningStar at Bear Creek brings a unique vision to senior living with our mission statement “to honor, to serve, to invest.” Our foundation is built on honoring God, valuing all seniors and selecting staff with a felt calling to serve. We are dedicated to creating a true home within an ideal setting and invite you to schedule a tour to see firsthand the best assisted living dementia care in Colorado Springs.

Source: nia.nih.gov/health/legal-and-financial-planning-people-alzheimers