Focus on Your Tennessee Estate Plan during Alzheimer’s Awareness Month

Alzheimer’s Awareness Month in November serves as a reminder of the importance of planning for a future that might include Alzheimer’s disease. As the number of people diagnosed with Alzheimer’s continues to rise, preparing for the possibility of a diagnosis is essential. For most people, preparation includes incorporating long-term care and financial planning into your estate plan because comprehensive estate planning is not just about preparing for what happens after you pass away. A well thought out and properly drafted estate plan should also protect you and your loved ones if you become incapacitated due to cognitive decline. With that in mind, a Murfreesboro estate planning attorney at Bennett | Michael | Hornsby encourages you to focus on your Tennessee estate plan during Alzheimer’s Awareness Month this November.

Understanding Alzheimer’s Disease and Its Impact

Alzheimer’s disease is a progressive neurodegenerative condition that impacts memory, thinking, and behavior. As the disease progresses, individuals often lose the ability to make decisions, manage finances, or even perform daily tasks. According to the Alzheimer’s Association, almost seven million Americans are currently living with Alzheimer’s, and that number is projected to almost double by 2050. The impact of an Alzheimer’s diagnosis can be overwhelming, not only for you but also for your family and caregivers. Having a comprehensive estate plan in place can alleviate some of the stress associated with managing your affairs while also ensuring that your wishes are respected and followed.

Estate Planning and the Cost of Alzheimer’s Disease

As of 2024, the total lifetime cost of care for a person living with dementia is estimated at almost $400,000 with 70 percent of the costs borne by family caregivers in the form of unpaid caregiving and out-of-pocket expenses. As a senior, you may rely heavily on Medicare to cover your healthcare expenses; however, Medicare will not cover the cost of long-term care if you need it following an Alzheimer’s diagnosis. Medicaid will pay for long-term care expenses; however, you must meet the program’s strict income and asset limit requirements to be eligible for the program. A Medicaid planning component within your estate plan can help ensure that you qualify without putting your assets at risk. Ensuring that you have a plan to pay for the expenses you incur if you develop Alzheimer’s disease is one of the many reasons create or update your estate plan during Alzheimer’s Awareness Month.

How Your Estate Plan Can Make Sure That Your Wishes Are Honored

Another important reason to focus on your estate plan during Alzheimer’s Awareness Month is to ensure that your wishes are honored if you develop Alzheimer’s disease at some point. Unfortunately, there is no known cure for Alzheimer’s disease. If you are diagnosed with the disease, you will eventually reach late-stage Alzheimer’s, leaving you without the ability to effectively make decisions and communicate wishes. Estate planning tools, such as a Tennessee Healthcare Power of Attorney and a Living Will help ensure that your wishes regarding end-of-life medical care are honored and that someone of your choosing makes healthcare decisions for you when you cannot make them yourself. Incorporating a durable Power of Attorney or a revocable living trust into your estate plan can offer the same assurance regarding your assets by allowing you to decide who will take over control of your assets if you become incapacitated. 

How to Get Involved in Alzheimer’s Awareness Month in Tennessee

Since 1983, November has been designated as Alzheimer’s Awareness Month in the United States, providing an opportunity to educate people about the disease and raise awareness about the need to find a cause and a cure. If you have yet to create an estate plan, doing so this November is the best way to get involved in Alzheimer’s Awareness Month. If you have a plan in place, make a point of reviewing and revising your plan this November to ensure that you are prepared for the possibility of developing Alzheimer’s. Additional ways to get involved in Alzheimer’s Awareness Month can be found on the Alzheimer’s Tennessee website where you can order your “Purple Out Tennessee 2024” t-shirt.

Contact a Murfreesboro Estate Planning Attorney 

If you have additional questions about how estate planning can help you prepare for the financial and emotional impact of an Alzheimer’s diagnosis, contact an experienced Murfreesboro estate planning attorney at Bennett | Michael | Hornsby as soon as possible. Contact the team today by calling 615-898-1560 to schedule your free appointment.

 

Stan Bennett
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