Estate Planning with Alzheimer’s and Dementia in Mind

According to studies done by Alzheimers.org, more than 5 million Americans are living with Alzheimer’s, and 1 in 3 seniors die with Alzheimer’s or another dementia. By 2050, this number is projected to rise to nearly 14 million.

Did you know that you cannot sign contracts if you lack the required mental capacity? That does not mean that you are unaware that you are signing a contract, it means that you lack the understanding of the repercussion of your actions. If you have been diagnosed with Alzheimer’s or another dementia, your ability to remember what you signed or the important details is enough to make you considered lacking the necessary capacity to sign contracts or create an estate plan. 

Facts about Alzheimer’s

The number of Americans living with Alzheimer's is growing — and growing fast. More than 5 million Americans of all ages have Alzheimer's.

An estimated 5.8 million Americans age 65 and older are living with Alzheimer's dementia in 2020. Eighty percent are age 75 or older.

• One in 10 people age 65 and older (10%) has Alzheimer's dementia.

• Almost two-thirds of Americans with Alzheimer's are women.

• Older African-Americans are about twice as likely to have Alzheimer's or other dementias as older whites.

• Hispanics are about one and one-half times as likely to have Alzheimer's or other dementias as older whites.

As the number of older Americans grows rapidly, so too will the number of new and existing cases of Alzheimer's. By 2050, the number of people age 65 and older with Alzheimer’s dementia may grow to a projected 13.8 million, barring the development of medical breakthroughs to prevent, slow or cure Alzheimer’s disease.

Facts and figures from Alzheimers.org.

Signs of Alzheimer’s

Did you know that Alzheimer’s is genetic? If you have family members who have suffered from Alzheimer’s or another dementia, you should be especially aware of the signs. 

1. Memory loss that disrupts daily life

One of the most common signs of Alzheimer’s disease, especially in the early stage, is forgetting recently learned information. Others include forgetting important dates or events, asking for the same questions over and over, and increasingly needing to rely on memory aids (e.g., reminder notes or electronic devices) or family members for things they used to handle on their own.

What's a typical age-related change?
Sometimes forgetting names or appointments, but remembering them later.

2. Challenges in planning or solving problems

Some people living with dementia may experience changes in their ability to develop and follow a plan or work with numbers. They may have trouble following a familiar recipe or keeping track of monthly bills. They may have difficulty concentrating and take much longer to do things than they did before.

What's a typical age-related change?
Making occasional errors when managing finances or household bills.

3. Difficulty completing familiar tasks 

People with Alzheimer's often find it hard to complete daily tasks. Sometimes they may have trouble driving to a familiar location, organizing a grocery list or remembering the rules of a favorite game.

What's a typical age-related change?
Occasionally needing help to use microwave settings or to record a TV show.

4. Confusion with time or place

People living with Alzheimer's can lose track of dates, seasons and the passage of time. They may have trouble understanding something if it is not happening immediately. Sometimes they may forget where they are or how they got there.

What's a typical age-related change?
Getting confused about the day of the week but figuring it out later.

5. Trouble understanding visual images and spatial relationships

For some people, having vision problems is a sign of Alzheimer's. This may lead to difficulty with balance or trouble reading. They may also have problems judging distance and determining color or contrast, causing issues with driving.

What's a typical age-related change?
Vision changes related to cataracts.

6. New problems with words in speaking or writing

People living with Alzheimer's may have trouble following or joining a conversation. They may stop in the middle of a conversation and have no idea how to continue or they may repeat themselves. They may struggle with vocabulary, have trouble naming a familiar object or use the wrong name (e.g., calling a "watch" a "hand-clock").

What's a typical age-related change?
Sometimes having trouble finding the right word.

7. Misplacing things and losing the ability to retrace steps

A person living with Alzheimer's disease may put things in unusual places. They may lose things and be unable to go back over their steps to find them again. He or she may accuse others of stealing, especially as the disease progresses.

What's a typical age-related change?
Misplacing things from time to time and retracing steps to find them. 

8. Decreased or poor judgment

Individuals may experience changes in judgment or decision-making. For example, they may use poor judgment when dealing with money or pay less attention to grooming or keeping themselves clean.

What's a typical age-related change?
Making a bad decision or mistake once in a while, like neglecting to change the oil in the car. 

9. Withdrawal from work or social activities

A person living with Alzheimer’s disease may experience changes in the ability to hold or follow a conversation. As a result, he or she may withdraw from hobbies, social activities or other engagements. They may have trouble
keeping up with a favorite team or activity.

What's a typical age-related change?
Sometimes feeling uninterested in family or social obligations.

10. Changes in mood and personality

Individuals living with Alzheimer’s may experience mood and personality changes. They can become confused, suspicious, depressed, fearful or anxious. They may be easily upset at home, with friends or when out of their
comfort zone.

What's a typical age-related change?
Developing very specific ways of doing things and becoming irritable when a routine is disrupted.

Source: Alzheimer’s.org 

Estate Planning and Alzheimer’s or Dementia

The signs of Alzheimer’s could be present for 10 years before a diagnosis is made. It is important to have your estate plan completed prior to a diagnosis and ideally prior to any signs or symptoms at all.

If you know that you have a higher susceptibility due to genetics, you can plan for long term care in a way that takes Alzheimer’s into effect. There are also protective measures that can be taken to ensure that your estate is going to provide for you during your lifetime and work in the way you wish afterward.

What Can You Do Now?

There is no better time to create your estate plan! Contact me today for a FREE 30 MINUTE CONSULTATION to discuss your options and we can set up a personalized plan for you.