Published in the Oct. 18 – 31, 2017 issue of Gilroy Life

Many of our clients are concerned about their retirement years and the possibility of deteriorating health from Alzheimer’s. It’s a daunting task to think about and many do not want their loved ones to go through this burden without a plan.

Alzheimer’s is called the “long goodbye” because it often progresses slowly by impairing memory as well as a person’s capacity to learn.

Author Jarod Kintz wrote that, “Alzheimer’s is the cleverest thief, because she not only steals from you, but she steals the very thing you need to remember what’s been stolen.”

Alzheimer’s is the sixth leading cause of death in the United States, with nearly half of the population age 85 or older showing indicators. Nearly eight million Americans older than 65 are expected to have Alzheimer’s by 2030. Planning for Alzheimer’s early or at initial onset can help reduce your stress and the stress of loved ones. Below are some best practices for financial planning that can help reduce the burdens associated with Alzheimer’s.

Inventory assets and debts

Review these items annually and identify family members or loved ones who should be included in financial plans. If you’re not sure where to start, review your living trust, health care directives and financial power of attorney documents for the names of people who are assisting in the settling of your estate.

Consider the costs of care

Inflation and costs of care are one of the top concerns we deal with when planning for retirement and end of life expenses. Take into consideration the current and future projected costs considering that the level of care you’ll need will most likely intensify over time. Review items like residential care services, in-home care services, prescription drug costs, and home safety modifications.

Evaluate financial resources

Financial resources should include income, social security, and government benefits you may qualify for as they can help supplement increasing costs. Reviewing insurance policies such as long-term care, life, disability, and annuity products can also help in budgeting.

Some life and annuity products contain riders providing policy holders with enhanced benefits that will increase your cash on hand to cover expenses. We recommend having different financial vehicles to draw from as tax implications can cause a burden that catch many people off guard.

Seek professional assistance

There are a wide variety of resources you can tap into that will better prepare you for what lies ahead. Given planning mistakes we’ve come across when clients try to plan everything on their own, we strongly recommend seeking out a trusted advisor. Speaking with advisors like financial planners and estate planning attorneys can help identify areas you need to address.

Brian Harrigan and Bob Price are the owners of Executive Plan Design. Reach them at (408) 767-2572.

Bob Price and Brian Harrigan