Personal Development for Smart People Forums - View Single Post - How to protect assets in case I get dementia

joanmhe · 11-06-2009, 02:42 AM

My parents both have/had significant alzheimer's/dementia starting in their 70s (grandmother and aunt both diagnosed with AD by age 70). I am now 53. I have significant retirement savings, and a small long-term care policy. I am single with one daughter, who is 16. I probably have 10 years to think about this, but I plan to retire by age 60 - what is the best way to protect my money, i.e. prevent me from doing stupid things when my judgment is no longer good? I will probably outlive my siblings. I need to have some in reserve for my long-term care. I do plan on trying to stay as healthy as possible, but with my genetic background, I have to plan on the worst.
I don't want my daughter to have to go through the worries that I am now going through with my own mother who is very paranoid, and irrational, even though only diagnosed as MCI (mild cognitive impairment).
So this is a financial, life strategy question. Are annuities the only strategy? A family trust?

11-06-2009, 02:42 AM	#1 (permalink)
joanmhe Member Join Date: Nov 2006 Location: West of Boson MA Posts: 65	How to protect assets in case I get dementia My parents both have/had significant alzheimer's/dementia starting in their 70s (grandmother and aunt both diagnosed with AD by age 70). I am now 53. I have significant retirement savings, and a small long-term care policy. I am single with one daughter, who is 16. I probably have 10 years to think about this, but I plan to retire by age 60 - what is the best way to protect my money, i.e. prevent me from doing stupid things when my judgment is no longer good? I will probably outlive my siblings. I need to have some in reserve for my long-term care. I do plan on trying to stay as healthy as possible, but with my genetic background, I have to plan on the worst. I don't want my daughter to have to go through the worries that I am now going through with my own mother who is very paranoid, and irrational, even though only diagnosed as MCI (mild cognitive impairment). So this is a financial, life strategy question. Are annuities the only strategy? A family trust?