Early onset Alzheimer's disease--plan ahead for what lies ahead

Per the Alzheimer's Association, "up to 5% of the more that 5 million Americans with Alzheimer's have younger-onset" Alzheimer's. It is imperative for financial planning to be done soon after diagnosis. Decisions should be made while the person is able to understand the many facets of the financial planning process. The first step is to make sure all the important financial information is in one place; share where these documents are located with someone you trust. If all the documents are in a safe deposit box, keep copies in a file at home along with the key to and location of the box. The standard items to be combined are the will, power of attorney and health care proxy. The deed to any property, all insurance policies and any vehicle titles and registrations also should be included. Provide an extensive contact list including your financial advisor, attorney, accountant, bank contacts, doctors and any relatives and friends you would like to be contacted in the event of your death. A listing of accounts and their corresponding passwords should accompany the contact list. Investment account statements and the most recent tax return are a good addition as well. Each person's list will have variations, but this is a good starting point. Check annually to see if anything needs to be updated. If you are unable to update this list, your power of attorney should step in. If you do not have the necessary legal documents in place, contact your attorney. Your will or trust outlines for your family where you want your money and property to go upon your death. A health care proxy is a document that allows you to name another person to make health care decisions per your wishes if you cannot speak for yourself. With regard to the power of attorney, a decision needs to be made. A general power of attorney allows someone else to act on your behalf; this power will end if you are not able to make your own decisions. A durable power of attorney remains in place when you become unable to make your own decisions. Your power if attorney is also referred to as your agent. Discerning the best person to act as your agent is very important; this person should be included in your planning from the beginning. Ask them to assist you with reviewing existing insurance policies to see if the policy will cover the cost of future care. Solicit their assistance with your finances. Introduce your agent to your financial advisor. Make your advisor aware of your diagnosis as investment goals can change with major life events. Your financial advisor can help you plan for your current and future needs. Your advisor may also be able to assist you in assembling a team of professionals (attorneys and accountants) who will be able to assure that all your necessary planning is done prior to the disease progressing. A diagnosis of Alzheimer's is devastating and frightening. Often financial planning gets put on the back burner while families try to deal with what the future may bring. Too often, family members and friends are left with a herculean task trying to locate and sort through the documents needed to settle an estate. It is imperative to complete your planning while you are able to make the decisions necessary to carry out your final wishes for you and your loved ones. ----- Victoria A. Hemiup is an assistant vice president at Karpus Investment Management, an independent, registered investment advisor managing assets for individuals, corporations, non-profits and trustees. Offices are located at 183 Sully's Trail, Pittsford, NY 14534, (585) 586-4680. Published: Fri, Jun 23, 2017