Unfortunately, many people mistakenly believe estate planning is something you only need to think about when you get older or approach the end of life. An Alzheimer’s diagnosis, however, makes it clear that having a well-organized, up-to-date estate plan is critical now, not later. In Florida, when you work with an experienced estate planning attorney, he can give you and your family peace of mind, making sure your wishes are honored and reducing stress during an already challenging time. Let us share with you a few key tips that will help you and your family during this challenging time.
1. Start with a durable power of attorney. One of the first estate planning documents to create, or update, after an Alzheimer’s diagnosis is your power of attorney. A durable power of attorney is essential because it allows someone you trust to make financial decisions on your behalf if you become unable to do so.
In Florida, a durable power of attorney must be signed while you are still mentally competent, which is why it’s crucial to act early. Without this document, your family may need to go through a lengthy and expensive guardianship process to manage your finances. You will want to make sure your power of attorney is up to date and grants your agent the necessary powers to handle your affairs, including managing bank accounts, paying bills, and overseeing investments.
2. Review or create a healthcare surrogate designation. Alongside financial decisions, medical decisions become a top concern with an Alzheimer’s diagnosis. Florida healthcare planning documents can allow you to name someone to make healthcare decisions for you if you are no longer able to make them yourself. This includes decisions about treatments, medications, and long-term care options. There is no question that having these discussions now can help avoid confusion and stress for your family later.
3. Consider creating a trust agreement with your Florida estate planning attorney. While a last will and testament is a common estate planning tool, it is often not enough for someone with Alzheimer’s. A revocable living trust can be a better option, as it allows you to transfer assets to a trust during your lifetime and appoint a trustee to manage them if you become incapacitated. Further, a trust provides several advantages, including avoiding probate and ensuring that your assets are managed according to your wishes. In Florida, a trust agreement can also help streamline the process of distributing assets to your beneficiaries after you pass, reducing delays and keeping your estate private.
4. Protect your eligibility for long-term care benefits. Long-term care is often a significant concern for individuals diagnosed with Alzheimer’s, and Florida’s Medicaid program can help cover the cost of care. Qualifying for Medicaid, however, requires careful planning to ensure you meet the financial eligibility criteria without depleting all of your assets. An experienced Florida elder law attorney can guide you through Medicaid planning, which may involve strategies like transferring assets to a spouse, setting up a special needs trust, or utilizing other legal options to protect your resources while still qualifying for benefits. Although you can plan in a crisis, planning early is essential because there is a five-year look-back period for asset transfers that could affect your eligibility.
5. Update your Florida estate plan regularly. An Alzheimer’s diagnosis can change quickly over time, and it’s important to review your estate plan periodically. As your health evolves, your preferences for medical treatment, long-term care, or financial management may shift. When you work with a Florida estate planning attorney you ensure that your documents stay current and reflect your most recent wishes.
Remember, you are not alone in this journey. An Alzheimer’s diagnosis is a challenging and emotional time, but it also presents an opportunity to put the right estate planning in place. In Florida, having a comprehensive plan can protect your assets, ensure your medical preferences are honored, and provide peace of mind for both you and your family. We do telephone, computer, and face-to-face appointments. Our face-to-face appointments are held outside in the open air (frequently selected by clients for document signing) and inside our office conference room. We encourage you to contact us to schedule a meeting.