Every Oklahoma resident likely knows someone who has been affected by Alzheimer’s. This terrible disease affects millions each year. Planning ahead for a debilitating illness like Alzheimer’s or dementia can be a good idea.
When a family is facing a major health challenge, it is emotionally draining as well as financially debilitating. A family may want to think ahead as to what they would do if someone is diagnosed with an incurable disease like Alzheimer’s. Alzheimer’s can have a huge financial impact on a family. Patients with Alzheimer’s require 24-hour care, which can be incredibly expensive.
A carefully designed trust can ensure a family’s finances are protected if a person suffers from an expensive end-of-life disease. A person who has Alzheimer’s or dementia can easily be taken advantage of because of their lack of mental facilities. A trust can ensure a person’s living conditions are provided for along with adequate medical and nursing care.
This type of trust can also protect financial assets from those who may try to take advantage of a person with reduced mental facilities. A trust that is administered by a third party ensures that a person who is suffering from a serious medical condition is taken care of, which reduces stress on a family by ensuring they do not need to worry about financial matters.
Someone who has been diagnosed with a debilitating condition like Alzheimer’s may wonder what will happen to them. When a family has taken the time to create a trust for their assets, it gives them the freedom to not have to worry about financial matters during these emotional times.
Source: wilmingtonbiz.com, “Fighting Alzheimer’s: A debilitating condition many of us will face“, Susan Willett, Jan. 10, 2018
