Cognitive decline is a concern many of us may face as we age. However, it’s something to face head-on. Planning for this possibility is not about expecting the worst but being prepared. Whether you or a loved one are already experiencing early signs of cognitive decline or want to be proactive, an elder law attorney can help protect your future.
What Legal Steps Can You Take Now?
According to Assured Assisted Living, the best time to start planning for cognitive decline is before it happens. Working with an elder law attorney can create a legal framework that safeguards your wishes, even if you face cognitive impairment later in life. Above all, the two critical legal tools to leverage are powers of attorney and advance healthcare directives.
Power of Attorney
One of the most essential legal documents is a durable power of attorney. This document allows you to appoint someone you trust to handle your financial and legal affairs if you cannot do so. Choosing this person ahead of time can prevent court intervention and ensure that your finances remain secure.
Advance Healthcare Directives
In addition to financial matters, it’s important to consider your healthcare decisions in an emergency. By using an advance healthcare directive, you can outline your wishes if you ever become incapacitated. Just because you can’t speak for yourself doesn’t mean you have to lose agency in your care.
Irrevocable Trust Planning
It may make sense to explore a Medicaid Asset Protection Trust (MAPT), which can keep the home from being considered an available asset if you need nursing home care. These should be in place at least five years before needed, so are not a good answer in a crisis, but can be very helpful if created and funded early in a memory care situation.
Can Cognitive Decline Have an Impact on Your Legal Affairs?
Managing day-to-day tasks, such as paying bills or understanding complex legal documents, can become problematic as cognitive decline progresses. For some, the decline may occur gradually, giving time to plan and adjust. For others, it may be more sudden. With a plan in place, your family could avoid the stress of navigating the court system to gain control over your finances or healthcare.
Proactively creating legal protections protects yourself from potential complications, allowing your loved ones to act quickly and efficiently when needed.
Should You Seek Medical Advice?
If you suspect that you or a loved one may be experiencing cognitive decline, it’s essential to seek medical advice early. As discussed in a recent reflection from an attorney facing cognitive impairment, many health conditions, such as vitamin deficiencies or sleep disorders, can mimic symptoms of cognitive decline. Addressing these issues early can slow or even reverse specific symptoms. If your cognitive decline is more advanced, early diagnosis allows for more effective legal planning.
Who Should Be on Your Legal and Healthcare Team?
Building a support team to help manage legal and healthcare issues is essential when planning for cognitive decline. An elder law attorney can assist in preparing the necessary documents to ensure that trusted individuals can step in to manage your affairs if needed. A reliable primary care physician and specialists, such as neurologists or geriatricians, can also help identify early health-related concerns.
How can You Protect Your Family’s Future?
Planning for cognitive decline is also about protecting your family. Your family could face emotional and financial strain without the proper legal documents. Legal battles over guardianship, medical decisions, or asset management can be stressful and time-consuming. By acting now, you can help avoid these challenges and ensure that your family is cared for in a way that reflects your wishes.
Secure Your Legal and Healthcare Future Before Cognitive Decline Progresses
The future is unpredictable, but your legal plans don’t have to be. Whether you’re already noticing early signs of cognitive decline or want to be proactive, now is the time to meet with an elder law attorney. Contact us today to schedule a consultation and start creating a plan that protects your future and gives your family peace of mind.
Key Takeaways:
- Plan Ahead: Proactively planning for cognitive decline ensures that your financial and healthcare wishes are followed.
- Protect Your Loved Ones: Avoid future legal battles by creating key documents like power of attorney and advance healthcare directives.
- Act Early: Early medical advice and legal planning provide the best chance to maintain control over your affairs.
- Build a Support Team: Work with an elder law attorney and healthcare professionals to protect all aspects of your well-being.
Reference: AssuredAssistedLiving (Sep. 20, 2024) “Legal and Financial Planning and Cognitive Impairment”
