Among the many challenges that come with aging, financial and legal planning is a significant factor. An Alzheimer’s or dementia diagnosis can undoubtedly be a complicating factor when older individuals are attempting to get their financial and legal matters in order.
Below are some resources that walk individuals and families through crucial financial planning steps to take after an Alzheimer’s diagnosis.
The Financial and Legal Document worksheet described below is a beneficial step-by-step checklist for individuals affected by Alzheimer’s and their loved ones or caregivers. The sooner individuals can work through these steps and get their legal and financial matters settled, the easier it will be for the individuals themselves and family members.
Legal and Financial Planning Resources for Alzheimer’s Impacted Individuals
Financial and Legal Document Worksheet: As mentioned above, this worksheet, provided by the Alzheimer's Association, is a great first step for family members who are assisting loved ones with administrative needs. The worksheet includes spaces to fill in information about everything including properties, retirement accounts, VA benefits, and savings. While having a document like this filled in and on hand is helpful for any older adult, it is essential for individuals with cognitive decline.
Identify Individuals: It is helpful if all family members and caregivers can be on the same page about who is included in a loved one’s financial plans. This individual or these individuals should know of the broader financial situation and be available to provide support. It’s helpful to designate who can help complete routine financial responsibilities. These responsibilities may include preparing tax returns, paying bills, arranging for benefit claims, managing bank accounts, and making investment decisions.
Calculate costs of care: Several financial resources may be available to help cover Alzheimer’s care costs. Some resources apply only to specific stages of care for Alzheimer’s.
To adequately plan for costs of care and financial needs during Alzheimer’s, it’s essential to consider the costs an individual is currently facing as well as costs they might face in the future as care needs increase. For example, if an individual is living independently or receiving some assistance from a partner or family member, it’s important to understand that the individual will probably need higher levels of care as their disease progresses. As the levels of care increase, so do the costs.
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We'd love to hear from you and get scheduled for a tour today. The decision to move your loved one into an assisted living community is often an emotional and challenging one. Rest assured that HarborView offers the highest caliber of holistic care. We treat every member of our community as if they were our own loved ones. We look forward to the opportunity of connecting with you.
Memory Care in San Diego, California
Many assisted living homes that specialize in memory care and senior care. These communities are dedicated to caring for Alzheimer’s and dementia patients with safety and compassion. HarborView Senior Assisted Living in Banker’s Hill is one of those homes. The owners have personally had loved ones who needed memory care. They created an inviting, welcoming place where people living with Alzheimer’s could be cared for with dignity, respect, and compassion.
Not only is HarborView Senior Assisted Living full of gentle, well-trained, and loving staff members, it’s also situated in Banker’s Hill with a gorgeous view of the bay. Introducing your loved one to a home where they have full-time care, meals cooked for them, laundry done, and safeguards in place allows you to rest easy, knowing they are well cared for.