3 Conversations You Must Have After A Dementia Diagnosis To Protect Your Family From Financial Ruin

There are three conversations that you absolutely must have to protect your family from financial ruin if someone receives a dementia diagnosis. These conversations are not simple, easy ones to have, but they are important. If you’re personally dealing with a dementia diagnosis, or if you notice that a loved one is starting to exhibit some signs of dementia, it can certainly be very uncomfortable to talk about what the next steps are that you should be taking. As difficult as it can be to bring these things up, imagine how much more difficult it could be for your family if you don’t take the time to have these discussions now and really prepare your family for the next steps of your journey.?

The first conversation that is a must have is you have to receive an accurate diagnosis from a medical professional, such as a neurologist. When you or your loved one begins to exhibit signs of dementia, you shouldn’t just assume that it’s Alzheimer’s and irreversible. It is crucial to not only go to your family medical physician, but also to see a neurologist who can do an extensive workup, blood test, cat scans, etc. and give you the correct diagnosis. Without that, you’re not going receive the treatment that you need so that you can move forward. Once you have a proper diagnosis, you can get the correct medication and a roadmap, so you know what to expect. This correct diagnosis ties into what we’re going to be able to do to help you with the next step.?

The second conversation you need to have is to find out what your options for care are. This goes back to understanding the diagnosis. If you truly have dementia, it is a progressive disease and the type and amount of care required will change and increase over time. In the beginning, supplemental in-home support here and there is likely enough to get by, but as the condition develops, more skilled nursing could be required.

When someone comes to our office, it’s important for them to have clarity on where they are in their staging process so that we can suggest the right guidance on what kind of care would suit their situation whether it be in-home care, assisted living communities, or a skilled nursing home.

You’ll also have to work out how will you pay for that care. There are many options including private pay, long-term care insurance, limited Medicare benefits, Medicaid Benefits, Veteran’s benefits, and so on. These options require a detailed and complex analysis of your assets, income, insurance and more which we’ll cover with you. It’s completely customized based on what you need and what you have available.

It's important to note that just because your spouse goes into a skilled nursing home, doesn’t necessarily mean you’ll have to deplete your savings to fund it. There are spousal protection laws, but it’s important to talk with an attorney so you know how and when to appropriately use them. It’s also critical to do this EARLY, especially if you’re not married and haven’t done any pre-planning at least 5 years before the crisis. Often, we’re able to help protect about half of the assets but if you get with our team earlier, we can do more for you.

And the third conversation that you should be having at this stage is to determine whether your legal documents agree with your current life situation and your wishes of what you like to happen after you pass away. The legal documents that should be included in your estate plan are the main kinds of legal documents such as powers of attorney, a last full testament will, and trusts if determined they are a good fit for your unique situation.?

A power of attorney is without question, the most important estate planning document that you can have which is just a written document where you are allowing someone else to make decisions for you or act on your behalf. The person who’s acting for you is called your agent. The reason why the power of attorney is the most important estate planning document you can have is because if you don’t have this document in place, appointing your spouse, your children, or a loved one as the power to act for you, those people might not automatically be able to make decisions for you when it comes to your assets and your finances. Pennsylvania assumes that you would not want your spouse to act for you regarding your assets and your finances. It can become a complicated and expensive court battle just to carry out your wishes.?

A dementia diagnosis brings a scary, new reality. It can be confusing and lonely which is why if we could give you any advice, it would be it’s okay to ask for help. We’re all very independent people and like to think that we can handle everything on our own, but when you’re dealing with a dementia diagnosis, you really want to reach out and get the support and help that you can get so it’s a little bit easier for everyone involved. Even if you think it’s a lost cause.?

We had a client, Nancy, come to us who was feeling like her situation was a bit of a ‘lost cause.’ After her husband went into a nursing home, she went to another law firm to see what could be done about paying for his care. They told her there was nothing they could do for her, that she’d have to spend down her money for him to be eligible to receive Medicaid.??

Feeling concerned and as if she was just ‘left on her own to figure it out,’ a friend eventually told her to give us a call. Figuring why not since she had nothing left to lose after her previous conversation with the other firm, she called.

We had her come in right away and were able to take a few actions to protect their assets and get her husband’s nursing home bills taken care of into the future. It was an emotional time for the family who previous thought they were out of options. This is really our goal when working with clients in these situations. We want to help you get the quality care you deserve without losing every hard-earned penny that you have in the process.?

Do you want to learn more about how Steinbacher, Goodall &Yurchak can help your loved ones legally navigate a dementia diagnosis? We have a team of attorneys, Certified Medicaid Planners?, and support staff that are ready to respond to your dementia and planning needs. Call Steinbacher, Goodall & Yurchak today at 1-800-351-8334 or visit PaElderCounsel.com to schedule your FREE consultation.