Estate Planning For Dementia
Estate planning attorneys work with families to address many estate planning concerns. One concern that is particularly relevant to estate planning is dementia.
Dementia can take a huge emotional and financial toll on your entire family. Dementia and related illnesses such as Alzheimer’s, often progress slowly, but typically get worse over time, requiring considerable patient care.
Our estate planning attorneys have experience helping clients create estate plans that cover both medical and quality of life expenses for both themselves and their loved ones. If you suspect that you or a family member is developing dementia or any sickness that affects thinking, now is the time to act.
Call our law firm today to consult with an experienced Virginia estate planning attorney. Early planning is critical.
Dementia Statistics
It is a well-known fact that we Americans are living much longer than we used to. That’s generally a good thing, of course, but increasingly our bodies are outliving our minds.
Dementia is steadily on the rise in America. So much so that it has become one of the nation’s biggest health concerns, right up there with heart disease and cancer.
Currently, one in nine Americans aged 65 and above (11.3% or 6.2 million individuals) suffers from Alzheimer’s, the most common type of dementia. These are sobering statistics. But the reality is that these numbers could actually be much higher, since many more people with dementia go undiagnosed.
From an estate planning perspective, dementia is far too high a risk to ignore or simply leave to luck. Wait too long to address dementia concerns, and you may not have the mental capacity to make a Will, designate a healthcare agent, or grant powers of attorneys when they are needed.
The only logical thing to do is to plan now, while you are still of sound mind. Having an estate plan in place will make what is inevitably a very difficult situation substantially easier for all concerned.
Concerned About Dementia?
A person with dementia will decline in mental capacity over time, so they need to define their wishes before their ability to make and understand their decisions is seriously questioned. Also, because of the progression of the disease, making medical decisions in advance (when possible) is very important.
You should also draw up a medical power of attorney to designate the person you want to make medical decisions for you when you can no longer do so yourself. Planning sooner rather than later will give you more control over what happens in the future.
For people with dementia, protecting assets is also a major concern. While the physical progression of dementia can take many years, mental regression can happen much faster.
By maximizing the value of your assets now, you can afford better quality care (for longer) down the road. On the other hand, without proper planning, the costs associated with dementia can quickly wipe out your entire estate and any inheritance you wish to leave behind.
Consult with an Experienced Virginia Estate Planning Attorney
If you have concerns about yourself or a loved one developing dementia, it helps to seek the advice of a qualified attorney. The attorneys at our law firm understand the special needs of those with dementia. We will work with other advisors, such as your lawyer and accountant, to help you formulate an estate plan that will give you and the people you love clarity and security and make everyone’s life as easy as it can be under the circumstances.
Call us today at (703) 553-2577 or visit our contact page to schedule a consultation with an experienced Virginia estate planning attorney.
The information on this site is for general informational purposes only. The information presented in this site is not legal advice or a legal opinion. You should seek the advice of legal counsel of your choice before acting upon any of the information in this site.