What the rise of dementia may mean for your financial future

From the outset, a dementia diagnosis necessitates services and care that bring about a mountain of expenses. Following a dementia diagnosis, people generally live an average of 4.5 years.
Planning ahead can make all the difference between effectively managing the financial burden of a dementia diagnosis and sustaining severe financial hardship. This is especially important if there is increased risk of dementia in your family, including hereditary factors and prior injuries.Families can take steps to mitigate the risk of the costs associated with a dementia diagnosis. Hybrid insurance policies that include a long-term care component as well as some life insurance policies may provide financial relief. But the key is to have the insurance in place before the diagnosis, particularly if there is a family history of dementia, so planning ahead is crucial.Upon diagnosis, it is important to act swiftly to protect the patient and family from financial missteps, abuse and liability. Planning should include having key legal documents and arrangements — like power of attorney, health care directives and wills — in good order, as well as making sure assets are properly titled and beneficiary designations are current. Consider the benefits of a trust and professional executor services, especially in the absence of a trusted and competent personal executor (generally a family member).
Read the Full Story at www.marketwatch.com