How to Protect Assets in Case of Dementia

8:35 pm Asset Protection, Estate Planning

caregiver e1354228604294 How to Protect Assets in Case of DementiaIt is estimated that one in eight Americans will suffer from some form of dementia after the age of 65; here are some tips that can help protect your assets in case you become incapacitated:

Assemble team of elder care experts – this can include an elder law and/or estate planning attorney, a financial planner, a CPA, etc.  A team of trusted advisors is essential to help you plan for how your assets will be managed and how decisions will be made about your care in case of incapacity.

Establish advance directives – advance directives – including a living will, financial power of attorney, healthcare power of attorney, etc. – provide for the seamless transfer of decision-making abilities for your care.

Have a long-term plan – the time to create a long-term plan is before you need it.  People with dementia can live for many years, and the cost to maintain a good quality of life can be a heavy financial burden for a family.  A long-term plan may include funding a long-term care insurance policy, or strategies for spending down assets to qualify for state or federal assistance programs.

For more asset protection strategies, contact our Newport Beach law firm.

 

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