You’ve probably heard the commercial saying estate planning can be as easy as lounging on the couch, and when you first embarked on your own journey you may have envisioned a straightforward process of listing your beneficiaries, determining their shares, and seeking legal advice on the best approach. However, as you delve deeper, you’ll realize that estate planning is far from simple—and not something you want to do while lounging on the couch.
When it comes to discussing elder law issues, it’s important to address the ever-present elephants in the room. One of the most significant concerns is diminished cognitive abilities. Did you know that one out of every eight individuals 65 and older suffers from Alzheimer’s disease? This number rises to approximately 40% among those 85 and older.
While it’s understandable to keep your inheritance plans private for various reasons, it’s crucial to consider the risks involved when it comes to dementia. If you keep your financial situation completely confidential and don’t share information with your loved ones, you leave yourself vulnerable to potential financial exploitation due to cognitive decline. Elder financial abuse is a pressing issue that demands our attention.
Maintaining confidentiality is ultimately your decision, but adopting a transparent approach can act as a safety mechanism, particularly when sharing information with those who will eventually inherit your assets. By keeping your loved ones informed about your financial situation and plans, you create an open line of communication that can safeguard against potential abuse and ensure everyone is on the same page.
While confidentiality is important, it’s equally vital to prioritize the well-being and protection of your assets. Striking a balance between privacy and transparency is key, and engaging in open discussions with your loved ones can help build trust, understanding, and unity within the family.
If you require assistance navigating the complexities of elder law and estate planning, Kinghorn Law | Financial is here to help. Contact us at 520.529.4000, and our team of experienced professionals will provide guidance and address all your elder law and estate planning concerns.
