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Cameron Huddleston: Talk to Your Parents About Their Finances

The Long View

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Can I Create an Estate Plan if I Have Significant Cognitive Dementia?

If someone has experienced significant cognitive decline, it might be too late for them to create an estate plan. When you name someone as your financial power of attorney, this person can make legal and financial decisions for you. You are essentially putting your parent on trial to prove that your parent is no longer capable of managing his or her finances on their own. There was a man i interviewed fror my book who went through this process. And he spent nine months in ten thousand dollars. He also spent about 25 thousand dollars ot of pocket paying for his dad's health care in a nursing home.

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