A Lesson from the Chiefs

Super Bowl LIX was a highly anticipated matchup, with the Kansas City Chiefs aiming to win their third consecutive Super Bowl, while the Philadelphia Eagles sought redemption after losing to the Chiefs two years ago. For Patrick Mahomes, it was a chance to solidify his place among the NFL’s greatest. Many debated whether a third consecutive Super Bowl win would allow him to surpass Tom Brady as the NFL’s GOAT – greatest of all time. However, it’s safe to say that Tom Brady still holds the title. The Eagles played a great game, while the Chiefs struggled to get going, unable to gain control of the game. Despite a late surge in the fourth quarter, they couldn’t recover from their early missteps.

The lesson here is clear: don’t wait until the fourth quarter. Just like the Chiefs’ failure to start strong and their struggle to adjust throughout the game, delaying the planning process for dementia care can leave you scrambling at the worst possible time. For families facing a dementia diagnosis, you shouldn’t wait to make a plan or take action.

Steps Families Can Take After a Dementia Diagnosis

The first step is ensuring that essential legal documents are in place. A power of attorney gives another person the authority to make decisions regarding financial and legal matters. Conversely, a healthcare directive designates someone to make medical decisions. A living will outline preferences for end-of-life care, providing clarity and reducing potential family conflict. If a will or trust already exists, review and update it to reflect the person’s current wishes. If these documents don’t exist, create them while individuals can make decisions. 

Work closely with medical professionals and elder care coordinators to outline a plan for the progression of care. This must address immediate and future needs, including in-home assistance, potential transitions to assisted living or nursing homes, and caregiver support. Proactively planning for care ensures that families are prepared for every stage of the disease.

Collecting all financial documents—bank statements, insurance policies, investment portfolios, property deeds—gives a clear picture of the loved one’s economic situation. This step simplifies decision-making and ensures that assets are managed effectively.

Preserving a loved one’s assets often involves exploring tools like irrevocable trusts or gifting strategies. These protect wealth while ensuring eligibility for programs like Medicaid. Consulting with professionals early can help avoid costly mistakes and allocate resources wisely.

Families should openly discuss the loved one’s preferences for care and weigh those against practical considerations. Aging in place may be desirable, but planning for transitions to assisted living or memory care facilities is essential if the disease progresses. Addressing these choices early minimizes stress and ensures that the care aligns with the individual’s values and needs.

How an Elder Law Attorney Will Support You

Long-term care costs can quickly deplete a family’s resources. You can work through the challenges of Medicaid eligibility with an elder law attorney because it will protect the person’s assets without jeopardizing their ability to receive benefits. This may include creating Medicaid-compliant trusts or structuring financial transfers. A special needs trust centers around protecting public benefits while providing additional financial support for individuals with dementia. This tool ensures that funds are available for enhanced care without jeopardizing crucial assistance.

If a loved one no longer makes decisions and no legal directives are in place, families will likely not face the challenges of obtaining guardianship or conservatorship. Elder law attorneys have the tools to ensure that the family member is legally authorized to make decisions on behalf of the individual.

Managing the financial impact of dementia often involves minimizing tax liabilities and finding cost-effective ways to cover care expenses. Elder law attorneys can provide strategies to help families use resources efficiently and avoid unnecessary financial strain. Additional benefits, such as aid and attendance, may be available for veterans diagnosed with dementia. These can help cover care costs. Elder law attorneys can help families apply for these benefits and ensure compliance with eligibility requirements.

Some attorneys go beyond legal services to coordinate care, connect families with local resources, advise on facility selection, and provide support throughout caregiving. This holistic approach helps families manage the logistical and emotional demands of dementia care.

Protecting Yourself & Your Assets

A dementia diagnosis can be overwhelming, but just like the Chiefs learned, waiting until the last minute makes things more challenging. Families can secure their loved ones’ futures and protect their assets by taking action now and working with an elder law attorney. Cocheco Elder Law Associates is here to guide you. Contact us today to learn how we can help you plan for the future with confidence.