This article discusses how a lot of people are not prepared for the financial ramifications of getting Alzheimer’s. Planning for dementia is a need that is going unmet and estate planners need to be aware of any such deficiency in a client’s estate plan. “Currently, about 11 percent of those over 65 have Alzheimer’s, according to the Alzheimer’s Association, and that number is expected to triple by 2050 as baby boomers age.” The costs for caring for Alzheimer’s patients are very high and a lot of people are not prepared to handle the expenses. There are many ways that financial advisers can help clients prepare for Alzheimer’s like recommending that they purchase a long-term care insurance policy. Alzheimer’s is a serious disease and clients need to be prepared to handle both the financial and emotional burdens that will come up.
See David H. Lenok, Clients Are Least Prepared for This Threat, Wealth Management, March 9, 2016.
Special thanks to Jim Hillhouse for bringing this article to my attention.
