Program offers tips on legal and financial planning for dementia

NEWBURGH - While the thought of someday developing Alzheimer’s or another form of dementia is an unwelcome and frightening thought for most people, putting legal and financial plans in place to allow for the possibility can be critical to your family’s financial future.

That is the overall message of a free educational program offered by the Alzheimer’s Association, “Legal and Financial Planning for Alzheimer’s Disease” which will be held from 11 a.m. to noon Thursday, May 2, at Orange Community College, Kaplan Hall Room 313, One Washington Center, Newburgh.

Ulana Emerson of Edward Jones and attorney William Onofry will co-present at the program. Emerson said Onofry will discuss the legal aspects, such as making sure you have a health care proxy and a health care directive.

“Having a power of attorney is important when you have Alzheimer’s, because your capacity starts to decrease, sometimes quite rapidly,” Emerson said. “It’s important just to plan for the worst. Expect the best, but plan for the worst. Position your portfolio to handle the cost of health care. For some people, it’s not that bad, but for those with Alzheimer’s, care can become quite costly, and there are ways to mitigate the costs.”

She cited a couple of ways to do this. One is self-insuring, or saving the money needed yourself.

“The average nursing home stay is about 2.5 years, so you would need a quarter of a million dollars saved just to cover that,” she said, adding, “if you don’t have the means to set that kind of money aside, you can have long-term care insurance or life insurance that can help.”

When these options are unattainable, other legal actions can help.

“With the legal side of it, if either of those things are not an option, you will need to find ways to see where Medicaid can help you, and position your estate to be eligible for Medicaid. Utilizing financial advisers is advisable, not just for the person affected, but also for their family. It can destroy families, the burden it places on caregivers both financially and emotionally.”

Particularly if there is a history of Alzheimer’s in your family, and you know there is a good chance you might one day be affected, she said it is critical to start planning early.

“Once you’re diagnosed, it’s too late. It’s important to have conversations and take the steps necessary.”

To register for the program, Call the SUNY Orange Wellness Center at 845.341.4870 or email mariannesciucco@sunyorange.edu. With questions, call the Alzheimer’s Association at 800.272.3900

About the Hudson Valley Chapter

The Hudson Valley Chapter serves families living with dementia in seven counties in New York, including Duchess, Orange, Putnam, Rockland, Sullivan, Ulster, and Westchester. To learn more about the programs and services offered locally, visit alz.org/hudsonvalley.

About the Alzheimer’s Association

The Alzheimer’s Association is the leading voluntary health organization in Alzheimer’s care, support and research. Its mission is to eliminate Alzheimer’s disease through the advancement of research, to provide and enhance care and support for all affected and to reduce the risk of dementia through the promotion of brain health. Its vision is a world without Alzheimer’s. Visit alz.org or call 800.272.3900.