Good estate planning does not just concern itself with what happens to your assets after you pass away. It also takes into account the things that you might need at the end of your life, including the possibility of getting Alzheimer’s disease.
Obviously, major components of any estate plan include determining who gets your assets after you pass away and the best methods to accomplish that. For many people these are only aspect of estate planning they consider.
In reality, however, it is extremely important that estate planning does not stop there.
A big part of estate planning is also making sure that your needs will be met at the end of your life. Ideally, this is done so you will still have an inheritance left for your heirs. As there is a good possibility that at the very end of your life you will be sick and in need of care, estate planning is thus also about planning for that sickness.
As Market Watch points out in “What to know about Alzheimer’s and retirement planning,” getting care for Alzheimer’s is more expensive than getting care for other common end of life conditions. Therefore, the cost of Alzheimer’s is a good benchmark for planning.
Estate planning for Alzheimer’s is not just about money. It is also about making sure you have already planned ahead and legally appointed a capable person or persons who can look after your affairs. That means getting a durable power of attorney and a health care power of attorney (healthcare surrogate designation).
Reference: Market Watch (July 7, 2016) “What to know about Alzheimer’s and retirement planning”