Preparing Financially for an Alzheimer’s Disease Diagnosis
A situation we frequently run into is a family who is in need of care for a loved one, but is unprepared to deal with the financial implications of an Alzheimer’s Disease (AD) diagnosis. For example: Right at Home recently had a client who was diagnosed with AD. The only surviving relative was the son, who was living abroad when his mother was diagnosed with AD, was not available to obtain power of attorney. This placed the family and the company in a bind. Since the mother was diagnosed with AD, there was no one to have access to release the funds needed to provide care for the mother. Rather, the son was required to petition the court for guardianship of his mother. Unfortunately, while the petition was in process, the mother passed away. Now the son is going through probate. During these trying times for the family, Right at Home was able to fund the care. We are still awaiting payment after probate.
While extreme, this is a good example of what can happen when financial considerations have not been taken into account prior to a diagnosis of AD. Therefore, we recommend the following occur prior to diagnosis:
- Create a full accounting of assets, liabilities, income and expenses. This creates a baseline for later on when the accounting becomes essential to ongoing management of the estate.
- Designate a financial power of attorney to take over the finances in case of a diagnosis of AD, or another reason that the individual would no longer be deemed competent to make their own financial decisions. This process is much easier prior to diagnosis, avoiding the necessity to petition the court for guardianship.
- Once a diagnosis is obtained, enact the power of attorney so that care for the individual can continue without delay.
For assistance with these and other care considerations, Right at Home is here to help. We can be contacted at 410-846-0141 or or info@rightathomeaa.com. Hopefully, by taking the above steps, you can avoid disruptions in care for a loved one.
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