Estate Planning is Essential for Americans with Alzheimer’s or Other Dementia [4-16-2018]

By Susan P. Bakalar, Esq. and Raymond A. Piccin, Esq.

Legal Estate Planning is Essential for Individuals diagnosed with Alzheimer’s or other Dementia in the early stages of the disease is essential for relieving those inflicted and their loved ones of the stress and worry over ensuring wishes are met freeing up the Individual and their Families to focus on enjoying life on a go forward basis.

Capacity Planning through the use of Durable Powers of Attorney and Advanced Healthcare Directives should be the first order of business while the patient is possessed of their mental faculties.

Asset protection planning should follow in order to qualify the Individual for governmental health benefits whole preserving and protecting the Individual’s assets.

Here are some statistics to consider- According to the Alzheimer’s Association:

Alzheimer’s Disease is the 6th leading cause of death in the United States.

16.1 Million Americans provide care for people with Alzheimer’s or related Dementias.

Between 2000 and 2015, deaths from heart disease decreased by 11% while deaths from Alzheimer’s disease have increased a staggering 123%.

1 in 3 seniors die with Alzheimer’s disease or other dementia.

In 2018, Alzheimer’s and other dementias will cost the nation 277 Billion. By 2050, the costs could be as high as 1.1 Trillion dollars

Every 65 seconds, someone in the United States develops the disease.

Prevalence

The number of Americans living with Alzheimer’s is growing — and growing fast. An estimated 5.7 million Americans of all ages have Alzheimer’s.

An estimated 5.7 million Americans of all ages are living with Alzheimer’s dementia in 2018. This number includes an estimated 5.5 million people age 65 and older and approximately 200,000 individuals under age 65 who have younger-onset Alzheimer’s.

One in 10 people age 65 and older (10 percent) has Alzheimer’s dementia.

Almost two-thirds of Americans with Alzheimer’s are women.

Older African-Americans are about twice as likely to have Alzheimer’s or other dementias as older whites.

Hispanics are about one and one-half times as likely to have Alzheimer’s or other dementias as older whites.

As the number of older Americans grows rapidly, so too will the numbers of new and existing cases of Alzheimer’s. Today, someone in the United States develops Alzheimer’s every 65 seconds. By mid-century, someone in the United States will develop the disease every 33 seconds.

Mortality

Alzheimer’s disease is the only top 10 cause of death in the United States that cannot be prevented, cured or even slowed.

Alzheimer’s disease is the sixth-leading cause of death in the United States, and the fifth-leading cause of death among those age 65 and older. It also is a leading cause of disability and poor health.

Although deaths from other major causes have decreased significantly, official records indicate that deaths from Alzheimer’s disease have increased significantly. Between 2000 and 2015, deaths from

Alzheimer’s disease as recorded on death certificates increased 123 percent, while deaths from the number one cause of death (heart disease) decreased 11 percent.

Among people age 70, 61 percent of those with Alzheimer’s are expected to die before the age of 80 compared with 30 percent of people without Alzheimer’s — a rate twice as high.

Care Givers

Eighty-three percent of the help provided to older adults in the United States comes from family members, friends or other unpaid Care givers. Nearly half of all Care givers who provide help to older adults do so for someone with Alzheimer’s or another dementia.

Who are the Care givers?

About one in three Care givers (34 percent) is age 65 or older.

Approximately two-thirds of Care givers are women; more specifically, over one-third of dementia Care givers are daughters.

Approximately one-quarter of dementia Care givers are “sandwich generation” Care givers — meaning that they care not only for an aging parent, but also for children under age 18.

Alzheimer’s takes a devastating toll on Care givers. Compared with Care givers of people without dementia, twice as many Care givers of those with dementia indicate substantial emotional, financial and physical difficulties.

Of the total lifetime cost of caring for someone with dementia, 70 percent is borne by families — either through out-of-pocket health and long-term care expenses or from the value of unpaid care.

If you have a loved one that you would like to make sure is protected, make sure they have the right type of Estate Planning is Essential that will protect them should Alzheimer’s or dementia become reality. If you’d like to discuss these matters we can offer you a complimentary consultation to discuss your particular needs.

Bakalar & Associates, P.A.
12472 West Atlantic Blvd.
Coral Springs, FL 33071
(800) 495-4951
www.assoc-law.com