Dementia Can Have Big Financial Impacts On Families
The financial impacts dementia can have are not limited to impacts on the person suffering from dementia. Family members of such individuals can also be deeply affected financially by things related to this condition.
For one, costs related to dementia care could end up impairing a dementia sufferers' plans for transferring certain assets to their family members in the future, thus potentially impacting their family members' future financial security.
Additionally, in some instances, family members of dementia sufferers decide to be caregivers for their relative. This decision can have financial implications. For one, being a caregiver for a relative with dementia sometimes means taking on less paid employment, which could lead to an income drop.
Also, family members of a dementia sufferer sometimes end up covering some of a dementia sufferer's care costs and costs for everyday needs. In some instances, such efforts might involve a family member selling off some of their own assets.
Given this, what kind of advanced planning a person has done regarding long-term care costs can not only have big implications for themselves, but also big implications for their family, if they end up developing a condition, like dementia, that can trigger significant long-term care needs. So, among the goals long-term care plans can be aimed at it is protecting one's family. Experienced attorneys can give individuals guidance on what kinds of mechanisms can be put in place in a long-term care plan for protecting their own financial situation and the financial situation of their family in the event long-term care needs arise in the future.
Source: NPR, "Big Financial Costs Are Part Of Alzheimer's Toll On Families," Jon Hamilton, March 30, 2016