Have You Planned for Dementia in Your Estate Plan in Connecticut?
Dementia is one of the leading causes of death in people over 65. As a business owner, entrepreneur, or individual, you should plan for the potential risks dementia may pose to your estate and financial security. You can take many legal and financial steps to protect yourself and your loved ones from the potentially devastating effects of dementia.
By planning, you can ensure that your assets are distributed safely and efficiently if you or a loved one develops dementia. That’s where Nesso Wealth can help you out! We are more than just your financial advisors; we coach you to help you achieve and maintain true wealth. Contact our wealth management experts today to get started on your risk management plan.
Explaining “Dementia” To Our Community
Dementia is severe enough to interfere with daily life. Alzheimer’s disease accounts for 60-80% of dementia cases. Symptoms can include:
- Memory loss.
- Difficulty communicating or problem-solving.
- Changes in mood or behavior.
What are the Causes of Dementia?
The cause of dementia can vary, but the most common cause is Alzheimer’s disease. Other causes can include stroke, Lewy body disease, and frontotemporal disorders. In some cases, a combination of several diseases may be responsible for dementia symptoms. In rare cases, dementia can be caused by certain medications or vitamin deficiencies.
How Can You Reduce the Risk of Developing Dementia?
While there is no sure way to prevent dementia, there are steps you can take to reduce your risk. These include maintaining a healthy diet, engaging in regular physical activity, avoiding smoking, and keeping your brain active through social interaction and intellectually stimulating activities. Managing chronic medical conditions such as high blood pressure and diabetes is also important.
What Can You Do if You or your Loved One is Suspected of Having Dementia?
If you suspect that you or a loved one may have dementia, it’s important to seek a medical evaluation from a doctor as soon as possible. Early diagnosis along with treatment can help slow the progression of symptoms and improve quality of life. Support resources are also available for those living with dementia and their caregivers.
Why Should You Plan for Dementia?
It’s important to plan for dementia because it can significantly impact your financial and legal affairs. Without proper planning, your assets will not be distributed according to your wishes or the needs of your loved ones. Planning with Nesso Wealth also allows you to make decisions about medical care and end-of-life preferences. At the same time, you still have the mental capacity to do so.
Don’t wait until it’s too late to plan for the potential risks of dementia. Contact Nesso Wealth today to learn more about how we can assist you in your estate planning and risk management efforts.
Advice From Nesso Wealth Experts: Important Documents
Our financial advisors are here to help you through every step of your estate planning. Here are the key documents that we advise you have prepared to move forward with your estate planning for dementia:
Durable Power of Attorney for Finances
This document allows you to pick someone who will have control over your finances if you’re ever incapacitated. Your agent or attorney-in-fact can wield this power immediately or only if/when a doctor approves it in the future. Many people choose to make the power effective immediately, trusting that the person they’ve chosen will act responsibly and with good judgment.
You can be as specific or vague as you want in a living will regarding your end-of-life care. Locations for where this document is stored and who has access to it should also be included. Palliative care wishes, such as pain management, resuscitation plans, and life support measures, are common items in a living will. You might explain if there are any circumstances under which you would or would not want certain procedures done.
Health Care Power of Attorney
If you can’t make medical decisions for yourself, this document gives someone else the authority to do so. This person is called your proxy or agent. They’ll also have access to your medical records and be responsible for ensuring the instructions in your living will are followed.
These documents let you designate who will receive your assets upon death. They are typically found on insurance policies, retirement accounts such as IRAs and 401(k)s, and other financial accounts. It’s important to review these periodically to make sure they still reflect your wishes.
A revocable living trust and a will let you decide how to distribute your assets when you die, but trusts avoid probate court. Also, if you become incapacitated and cannot decide about your finances, the successor trustee can step in.
How Can Nesso Wealth Help You in Connecticut?
At Nesso Wealth, we understand the importance of planning for potential risks, including dementia. Our wealth management experts work with you to create a comprehensive plan that addresses all aspects of your financial security, including estate planning and risk management.
Nesso State Planning: Preserving, Managing & Distributing Your Assets
Estate planning is organizing and managing your assets, including property and financial accounts, during life and after death. It also includes making decisions about medical care and end-of-life preferences.
Why is Estate Planning With Nesso Wealth in Connecticut Important?
Our estate planning services ensure that your wishes are carried out, whether distributing assets to loved ones or determining medical care. Without proper planning, your assets may not be distributed according to your wishes or the needs of your loved ones. Planning also allows you to make decisions about medical care and end-of-life preferences. At the same time, you still have the mental capacity to do so.
Our Estate Planning Process
When we begin your state planning process, we focus on organizing and allocating your assets, finances, and property in preparation for your death or incapacitation.
Our most basic step for estate planning involves writing a will. Then, we continue with the following:
- We limit estate taxes by setting up trust accounts in the names of beneficiaries.
- We establish a guardian for living dependents.
- We take care of naming an executor of the estate to oversee the terms of the will.
- We create or update beneficiaries on plans such as life insurance, IRAs, and 401(k)s.
- Our team aids with setting up funeral arrangements.
- We establish annual gifting to qualified charitable and non-profit organizations to reduce the taxable estate.
- We wrap up by setting up a durable power of attorney (POA) to direct other assets and investments.
Nesso Wealth Management: Identify Risks & Implement Procedures
Our wealth management service helps affluent clients reach their financial goals. Our advisors work with clients to understand their unique situations and develop a personalized strategy using a variety of products and services.
Why is Wealth Management With Nesso Wealth in Connecticut Important?
Our wealth management strategy pulls together all aspects of your financial life. Clients seeking our service are typically high-net-worth individuals with more complicated finances, and they stand to benefit from our cohesive approach. Our method involves a wealth manager creating and coordinating a strategic plan for your current and future needs in asset management, will creation, trust services, or business succession plans.
Our Wealth Management Process
Our financial advisors ensure you get the best possible experience during our wealth management process. Here’s how it works:
- We start by understanding your unique situation, goals, and risk tolerance through meetings and collecting financial information.
- Next, we create a personalized investment strategy using a variety of products and services, including stocks, bonds, mutual funds, real estate investments, insurance policies, retirement plans, and trust accounts.
- From there, we monitor your progress and make adjustments as necessary to continue reaching your financial goals.
- We also provide ongoing guidance and education regularly.
Choosing Nesso Wealth in Connecticut
You might be wondering: what makes Nesso Wealth different from the other 130,000 financial advisors in the USA? Well, here are 3 things that make us stand out among the rest:
- Accountability: If you find that your spending is putting you off-track from your goals, we will let you know and help get you back on the right path.
- Transparency: We are open and honest about our fees and the reasoning behind our investment decisions.
- Commitment: Our team is dedicated to helping you reach your financial goals, whether they involve retirement planning, asset management, or leaving a legacy for loved ones.
- Coaching: Managing money and investing are important factors to consider. We want to help you plan all key areas of your financial life.
- Advocacy: We don’t just give you a to-do list – we tell you what’s most important and help guide you each step of the way. In other words, we don’t just map out the journey – we’ll take you there.
Plan, Evaluate & Manage Your Wealth With Nesso Wealth in Connecticut
Ready to start planning for your financial future? Contact Nesso Wealth today and see how our wealth management services can benefit you. Together, we’ll work towards achieving long-term success and security for you and your loved ones. If you are dealing with dementia or any other health concerns in your family, please do not hesitate to contact our office for a consultation.
We offer comprehensive risk management services in Connecticut. We would be honored to assist you and your loved ones during this difficult time. Contact our expert financial advisors and life coaches! We look forward to working with you toward a financially secure future.