Don’t wait until old age sets in before doing your estate planning. Some cognitive decline goes along with aging and you want to be the one to do your own planning while in your very prime of life. It’s possible to hide symptoms of Alzheimer’s, especially if you have advanced education or have used your brain vigorously during your lifetime career. Take the case of Gene Wilder, star and funny man of notable comedies, who died recently at the age of 83 from complications due to Alzheimer’s disease. He was able to hide his illness for at least three years, wanting to keep his fans laughing rather than feeling sad about his failing condition. It is entirely possible that many people are doing just that, hiding the symptoms of Alzheimer’s and failing to enter into their own estate planning while they are fully cognitive of finances.
Unfortunately, cognitive impairment is a likely outcome of aging, so preparing and planning ahead about matters of your estate is necessary. Because of the advanced age of many of their investors, financial advisors urge their clients to protect their finances from the impact of debilitating conditions prior to the changes in their behavior, attitude or health. Having in place a document that identifies another person to contact in case of the beginning of cognitive difficulties is critical and is also protection from the financial abuse that often involves elders. Advisors are recognizing the importance of including the trusted contact in a client’s planning meeting. Their advice: start your estate planning early, provide a valued contact person and work together making sure the portfolio risk continues to be in line with your wishes. For additional details go to:
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