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Protecting Your Retirement Accounts from Dementia

May 25, 2017

Advanced directives, trust agreements and durable powers of attorney are all used to help clients on a regular basis when that client is approaching older ages. One additional step that often needs to be taken is considering a potential decline in your cognitive abilities. Running out of money is frequently at the top of the list for any elderly individual when it comes to what concerns them the most.

Living off of the interest put inside a CD is no longer a viable option given health care concerns and longevity in the United States. Sometimes clients are forced into riskier investments with the hope of better returns as a result. Individuals must remain knowledgeable about keeping an eye on all of their retirement accounts to guard against risks as well as to have a contingency plan for an unexpected problem that could have a devastating impact on their retirement account. Your account is at a much higher risk if you are not paying attention to the potential damage you’re exposing yourself to as a result of a future decline in your mental health. While everyone hopes to live a long and healthy life, it is not always possible to anticipate a sudden disability or cognitive decline.

dementia proof estate planning

Large financial institutions in recent years have recognized the desire held by elderly individuals to have better interest rates and have thus created plans that will guard against market losses but would still give an opportunity for higher returns with very little risks to the principle. This is one of the best ways to protect your retirement investments from a dementia event in the future.

Talking to an estate planning lawyer can help you figure out the best way to protect the investments you have worked so hard to grow over the course of your life. There’s a great deal of importance in the planning process, so don’t hesitate to get the help you need.

 


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Schedule your free Exploratory phone call

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can be of assistance.

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Recent Posts
Do You Owe The AMT?

American educational reformer Horace Mann called education “the great equalizer.” In football, it’s been said ...

See more
What is the Value of Your Business?

In the second quarter of 2023, more than 2,300 small businesses were sold. The median ...

See more
Immediate vs. Deferred Annuities

Despite not being as well known as some other retirement tools, annuities account for 6.5% ...

See more