Without sounding the alarms, it is highly recommended that all baby boomers and their parents should prepare for the financial impact of a potential Alzheimer’s disease or dementia diagnosis . . . and prepare for such today. According to the Alzheimer’s Association, 13% of people 65 and older have Alzheimer’s and 43% of those 85 and older have the disease. Of course, with medical advancements, longer life expectancies tend to relate an increase in the prevalence of dementia in the years ahead.
The truth of the matter is that most family members, even if they begin to notice some signs of diminished capacity in a loved one, are not comfortable confronting their loved one until the signs of dementia have grown. Sadly, however, this may be one of the most vulnerable times in your loved ones’ financial lives as they struggle with financial concepts that were once easily understood (e.g. loans and interest). Instead of waiting until it is too late, families are encouraged to put some fundamental steps in place to guard against this reality so that a loved one’s financial affairs and savings do not succumb to the financial incapacity that comes with Alzheimer’s and dementia.
To learn more about how to implement a plan that is right for you, your family and your loved one, read this article.