Protecting Assets When Husband Has Dementia

Can A Person With Alzheimer’s Change Their Will

Power Of Attorney For Spouse With Dementia In Texas

Dementia is a condition that can wreck a family to the core. Millions of Americans suffer from this condition, which has consistently proven to have no cure.  The effect it has on families actually makes Alzheimer’s or Dementia unique. Unlike diseases like cancer, heart disease, and other illnesses, Dementia makes it impossible for the patient to take care of themselves years before the physical symptoms even appear.

This puts a tremendous burden on their family members and even the community. Since your loved one can no longer manage their assets, you need to contact an experienced elder law attorney to help you protect those assets. A trusted experienced Elder Law lawyer can advice you about protecting assets when husband has dementia and answer other questions you might have.

 Who Makes Decisions For A Dementia Patient?

How Long Does It Take To Die From Alzheimer’s

It is important for people that have been diagnosed with early stages of dementia to think about obtaining Powers of Attorney. This means they need to choose a person or agent that will make medical decisions on behalf of the person with dementia. * Only the court can make medical decisions for you in the event that you never obtained POA.

But a court does not have any emotional attachment to the person with dementia. It would be better to have a person that knows and cares about you to be an agent.

Surviving Spouses Need To Plan

How To Get Power Of Attorney For Spouse With Dementia In TX

Protecting Assets When Husband Has DementiaPeople with dementia have an estimated life expectancy of 10 to 15 years. Within that time a number of things can happen including the death of the healthy spouse who was the dementia patient’s primary caregiver. This means that the life of the dementia patient can become even more difficult.

Maintaining one dementia patient at home or in a facility can cost thousands of dollars a month.  Many people cannot afford this kind of expense and that is why the caregiver spouse needs to plan ahead.  One way to do this is to get all the marital assets in the name of the caregiver spouse and then draft an estate plan for the caregiver spouse.

That means that if the caregiver spouse dies, all the assets can be held in a trust for the benefit of the surviving spouse who has dementia.

Planning Early Is Important

How To Get POA For Someone With Dementia

People can lose their lives at any time without being sick. But since a sudden death does not have a significant effect on a family, people do not often make any estate plans for a situation where they might get incapacitated. But not having a plan can result in all your assets being used to care for you when you are incapacitated.

That means that when you die, your family may not have anything to inherit.  Good panning involves creating trusts and transferring assets more than 5 years before you apply for Medicaid.  One benefit of Medicaid is that it can pay for your long-term care in a nursing home.

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Learn About Dementia

Dementia And Power Of Attorney

You can only tend effectively to the needs of a loved one with dementia if you know a lot about the illness. This includes knowing what to do when your loved one acts confused in regular situations or when they forget how to use regular items or forget their relatives.