As much as you may not want to deal with it, the time to start making financial plans is when your loved one is in the early stage of Alzheimer’s. At that point, your loved once can still communicate what they want to be done. Doing some research and making careful plans will help ease the tensions of dealing with this disease in the later stages.
It’s important to look into finances and discuss them with your family.First, think about the costs that might be involved in taking care of your loved one. How are you going to pay for medical visits related to Alzheimer’s symptoms and any other medical conditions you loved one has? You’ll surely have safety related expenses for the home or perhaps safety services to protect your loved one from wandering. How are you going to pay for prescription drugs or personal care? Will your loved one eventually need adult day care, in-home services, or even full time residential services? How will you pay for them? You’ll need to research each of these care options and familiarize yourself with local costs because they can vary depending on where you live.
Once you have an idea of the costs involved, it’ll be easier to figure out how to handle paying for them. It will be important to gather financial information together. You will need these documents:
– Bank and brokerage account information
– Deeds, mortgage papers or ownership statements
– Insurance policies
– Monthly or outstanding bills
– Pension and other retirement benefit summaries (including VA benefits, if applicable)
– Rental income paperwork
– Social Security payment information
– Stock and bond certificates
At this stage it might be helpful to consider getting professional financial advice. A professional advisor can help you with the documents that you are missing and organize the ones that you already have.
It’s also important to discuss other financial duties like bill payments, investments, benefit claims, and tax returns. If you discuss these issues with your family, it’ll help make sure everyone is on the same page and lessen the likelihood of any arguments or misunderstandings during the later stages of the disease. We’d love to hear any of your suggestions for making financial preparations. What do you recommend?
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