4 Steps to Plan for Life with Dementia or Alzheimer’s – Guidance from Your Experienced Financial Consultant in Jackson, MS

Dementia – no one wants to receive this diagnosis. It is a devastating disease that takes its toll on everyone who has a relationship with the patient. You probably know someone who suffered or has Alzheimer’s; maybe you are their caregiver. No one wants to think about growing old and losing their ability to reason, take care of themselves, or, worse, forgetting their loved ones. According to a recent Alzheimer’s Association report, approximately 5.8 million Americans are living with Alzheimer’s in 2019. Many of whom are financially ill-prepared for the costs they will likely face as the disease progresses.

You can take control of the situation by planning ahead. Our financial consultant at Executive Planning Group (EPG) in Jackson, MS, understands the various needs you may face and can help you with options to mitigate some of the financial stress.

4 Financial Steps to Take When Dealing with Dementia

Relying only on your existing insurance may not be enough. Here are some additional steps you can take to ease the burden on you and your family:

  1. Assess the different costs you will likely face. As the disease progresses, you or your loved one’s needs will change. There are expenses for ongoing medical treatment, equipment, prescriptions, personal care supplies, adult services, and more.
  2. Research the various documents needed. Gather all your financial and personal papers together and review them. This includes but is not limited to, looking at your brokerage accounts, real estate deeds, insurance policies, power of attorney, and wills.
  3. Consider all your resources. Not only do you have retirement accounts and medical insurance, but you may have access to life insurance, long-term care insurance, Social Security income, and veteran’s benefits.
  4. Talk with family and get expert help. Now is the time to discuss your wishes with your family. Next, seek out the assistance of a financial consultant, attorney, and accountant to help you get things in order for your long-term care, including:
    • Identifying possible financial resources
    • Finding potential tax deductions
    • Reviewing your investment portfolio
    • Drawing up legal papers

Seek Assistance from an Established Financial Consultant in Jackson, MS

Ease the burden that dementia and Alzheimer’s brings to a family when you work with  Executive Planning Group (EPG). We are ready to assist in developing a plan of action so that if the time comes, you or your loved one are financially stable. We practice an integrated approach to help you reach your dreams. Discover the value of our financial consulting services today. Request a quote online.

Call 601-982-3000 for more advice from a financial consultant in Jackson, Mississippi.

Disclosure: Securities offered through Valmark Securities, Inc. Member FINRASIPC. Investment advisory services offered through Valmark Advisers, Inc., a SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

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