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Financial Planning Case Study Alzheimer's

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Per the Alzheimer’s Association, “Up to 5% of the more that 5 million American’s with Alzheimer’s have younger –onset” Alzheimer’s. It is imperative that financial planning be done soon after diagnosis. Decisions should be made while the person is able to understand the many facets of the financial planning process. The first step is to make sure all the important financial information is in one place and to share with someone you trust where these documents are located. If all the documents are in a safe deposit box, keep copies in a file at home with the location of the safe deposit box and key. The standard items to be combined are the will, power of attorney, and health care proxy. The deed to any property, insurance policies as well as any vehicle titles and registrations should be included. Provide an extensive contact list to include your financial advisor, attorney, accountant, bank contacts, doctors and any relatives and friends you would like contacted in the event of your death. A listing of accounts and their corresponding passwords should also be included. Investment account statements and the most recent tax return are a good addition. Each person’s …show more content…

Discerning the best person to act as your agent is very important. This person should be included in your planning from the beginning. Ask them to assist you with reviewing existing insurance policies to see if the policy will cover the cost of future care. Solicit their assistance with your finances. Introduce your agent to your financial advisor. Make your advisor aware of your diagnosis as investment goals can change with major life events. Your financial advisor can help you plan for your current and future needs. Your advisor may also be able to assist you in putting together a team of professionals ( attorneys and accountants) that will be able to assure that all your necessary planning is done prior to the disease

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