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When a loved one receives an Alzheimer's or dementia diagnosis, families in Rochester and throughout New York face many challenges. While managing medical care is often the first priority, creating a comprehensive estate plan is equally crucial. Early planning helps protect both your loved one's wishes and their financial security.
Time is of the essence with Alzheimer's and dementia estate planning. These conditions are progressive, and legal documents must be created while your loved one still has the mental capacity to make sound decisions. In New York State, all parties must demonstrate "legal capacity" when signing estate planning documents.
A Power of Attorney (POA) is perhaps the most critical document for someone with Alzheimer's or dementia. In New York, the document must be:
Your loved one can choose how much authority to give their agent, from managing basic bill payments to making major financial decisions.
A Health Care Proxy allows your loved one to appoint someone to make medical decisions when they can no longer do so. This document is especially important for Alzheimer's patients as the disease progresses. Rochester-area hospitals and healthcare providers are familiar with and honor these documents.
While a Health Care Proxy appoints someone to make decisions, a Living Will specifically outlines your loved one's wishes for end-of-life care. This includes preferences about:
A MOLST form is particularly important for individuals with Alzheimer's or dementia. Unlike a Living Will, a MOLST is a medical order signed by a healthcare provider that must be followed by all other medical professionals.
Key aspects of New York MOLST forms include:
The MOLST differs from other advance directives because:
When to Consider a MOLST:
Rochester-area healthcare providers are well-versed in MOLST forms, and many local medical facilities have MOLST coordinators who can assist with the process.
A Revocable Living Trust can be particularly beneficial for those with Alzheimer's or dementia because it:
Rochester offers various long-term care options, from in-home care to memory care facilities. However, these services can be expensive. Early planning should address:
New York's Medicaid program can help cover long-term care costs, but qualification requires careful planning. Working with an experienced elder law attorney can help protect assets while ensuring eligibility for benefits.
If your loved one doesn't already have long-term care insurance, explore whether purchasing a policy is still possible. Some insurers have age and health restrictions, making early planning crucial.
Protecting assets while ensuring quality care requires a delicate balance. Consider:
These trusts can protect assets from long-term care costs while potentially preserving Medicaid eligibility. However, timing is crucial under New York's look-back rules.
Strategic gifting may be appropriate, but must be done carefully to avoid Medicaid penalties and tax implications.
Our community offers numerous resources for families affected by Alzheimer's and dementia:
Estate plans should be reviewed regularly, especially after:
One of the most challenging aspects of estate planning with Alzheimer's or dementia is timing. Under New York law, your loved one must have sufficient capacity to understand and execute legal documents. Signs that it's time to act include:
If your family is facing an Alzheimer's or dementia diagnosis, consider these immediate steps:
At Rochester Elder Law, we understand the unique challenges faced by families dealing with Alzheimer's and dementia. Our experienced attorneys can help create a comprehensive plan that protects your loved one's wishes and assets while ensuring access to quality care.
We offer compassionate guidance through every step of the planning process, from creating essential legal documents to navigating Medicaid planning and asset protection strategies.
As part of our commitment to the Rochester community, attorney Miles Zatkowsky regularly speaks at Alzheimer's Association Rochester & Finger Lakes Region events, providing valuable insights about legal planning for those diagnosed with early-stage Alzheimer's and their caregivers. These educational sessions offer families the opportunity to learn about crucial legal considerations and ask questions in a supportive environment.
Our deep involvement with the local Alzheimer's community helps us stay current with both the legal and practical challenges families face, allowing us to provide more comprehensive and empathetic service to our clients.
Contact us today to schedule a consultation and take the first step in securing your loved one's future, or check our events page to attend one of our upcoming educational sessions.
Disclaimer:
This article is for informational purposes only and does not constitute legal advice.
Please consult with an attorney for advice specific to your situation.
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