Why Can’t Doctors Recognize Robin Williams’ Form of Dementia?

Considerable’s recent article entitled “The second most common type of dementia often goes unrecognized” reports that in one study, nearly 70% of people diagnosed with Lewy body dementia, the type Robin Williams suffered from, visited three consultants before receiving the diagnosis. For 33% of people with the disease, getting the correct diagnosis took over two years.

The word “dementia” describes a condition affecting a person’s memory and thinking that is a decline from how they used to function. It is severe enough to affect their daily life. Alzheimer’s disease dementia and Lewy body dementia are the two most common types. Lewy body dementia derives its name from the abnormal protein clumps that are seen on autopsies of the brains of people with Lewy body dementia.

A diagnosis of Lewy body dementia comprises two different conditions: dementia with Lewy bodies and Parkinson’s disease dementia. With Lewy body dementia, an individual develops memory and thinking problems before or at the same time as he or she develops movement problems that mirror Parkinson’s disease. In Parkinson’s disease dementia, one who has experienced Parkinson’s disease movement problems for years then also develops trouble with memory and thinking.

The two conditions have many common features. With the memory and thinking problems and movement problems, patients with these conditions can have fluctuations in their alertness and concentration, hallucinations and paranoia, acting out dreams during sleep (known as “REM sleep behavior disorder”), low blood pressure with standing, daytime sleepiness and depression and other symptoms.

The correct diagnosis is vital for patients and families. The diagnosis of Lewy body dementia is frequently missed, because of lack of awareness by physicians, patients, and their families. Research also reveals that the first diagnosis is commonly incorrect. Roughly 26% of people later diagnosed with Lewy body dementia were first diagnosed with Alzheimer’s disease, and 24% were given a psychiatric diagnosis like depression.

With the correct diagnosis, patients and families can seek out resources, such as the Lewy Body Dementia Association, an organization dedicated to helping people living with this disease. This group provides education on Lewy body dementia, helps patients and families know what to expect, connects patients and families to support and resources and helps them find research opportunities.

Reference: Considerable (Aug. 14, 2020) “The second most common type of dementia often goes unrecognized”

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What Happens If I Don’t Fund My Trust?

Trust funding is a crucial step in estate planning that many people forget to do.

However, if it’s done properly, funding will avoid probate, provide for you in the event of your incapacity and save on estate taxes.

Forbes’s recent article entitled “Don’t Overlook Your Trust Funding” looks at some of the benefits of trusts.

Avoiding probate and problems with your estate. If you’ve created a revocable trust, you have control over the trust and can modify it during your lifetime. You are also able to fund it, while you are alive. You can fund the trust now or on your death. If you don’t transfer assets to the trust during your lifetime, then your last will must be probated, and an executor of your estate should be appointed. The executor will then have the authority to transfer the assets to your trust. This may take time and will involve court. You can avoid this by transferring assets to your trust now, saving your family time and aggravation after your death.

Protecting you and your family in the event that you become incapacitated. Funding the trust now will let the successor trustee manage the assets for you and your family, if your become incapacitated. If a successor trustee doesn’t have access to the assets to manage on your behalf, a conservator may need to be appointed by the court to oversee your assets, which can be expensive and time consuming.

Taking advantage of estate tax savings. If you’re married, you may have created a trust that contains terms for estate tax savings. This will often delay estate taxes until the death of the second spouse, by providing income to the surviving spouse and access to principal during his or her lifetime while the ultimate beneficiaries are your children. Depending where you live, the trust can also reduce state estate taxes. You must fund your trust to make certain that these estate tax provisions work properly.

Remember that any asset transfer will need to be consistent with your estate plan. Your beneficiary designations on life insurance policies should be examined to determine if the beneficiary can be updated to the trust.

You may also want to move tangible items to the trust, as well as any closely held business interests, such as stock in a family business or an interest in a limited liability company (LLC). Ask an experienced estate planning attorney about the assets to transfer to your trust.

Fund your trust now to maximize your updated estate planning documents.

My office is open to help you with any funding issues or just to consult about setting up an estate plan. This can be done in person, with social distancing in the office, or virtually through Zoom.  Please contact me with any questions.

Reference: Forbes (July 13, 2020) “Don’t Overlook Your Trust Funding”

 

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Avoid These Mistakes with Your Estate Plan

Estate planning means putting together a plan on paper, following the letter of the law, when it comes to what should happen to assets when you die. It also includes your decision regarding who will care for your children, who will make decisions on your behalf if you are unable and what kind of care you do or don’t want, when you are seriously ill or injured. It doesn’t have to be difficult, but according to the article “10 Mistakes Often Made When Estate Planning” from SavingAdvice.com, there are ten classic mistakes to avoid.

1—Thinking you don’t have an estate and not having an estate plan. Your estate is whatever you own: a house, regardless of its size, a car, personal items, financial accounts, pets and any items that have monetary or sentimental value. You might think your family will just figure things out when you die. In most cases, they won’t, or not easily. That creates a burden for them.

2—Thinking only about after death. Most of what is done in estate planning does concern what happens after you die, but it also includes protection for you and loved ones while you are living. Certain documents are created to protect you, if you become incapacitated. It also includes life insurance, disability insurance and long-term care insurance.

3—Not making sure all of your estate planning documents work together. Let’s say you have a life insurance policy and the beneficiary is your first husband. If you remarry, you need to update that form. What if you named someone to be your beneficiary on retirement accounts, but you have learned since you named them that the person won’t be able to manage the money? An estate planning attorney can help you put all of the pieces together to work correctly.

4—Not planning for minor children. If you have children who are under age 18, your estate plan is the document that tells the court two very important things: who you want to raise them (to be their guardian) and who you want to be in charge of the money left for their care.

5—Not taking advantage of trusts. A revocable trust gives you control over assets while you are alive, but passes control to a beneficiary when you die. It, therefore, avoids probate for the assets in the trust. However, if you don’t do this correctly, you’ll create more problems than you solve.

6—Forgetting about taxes. An estate plan helps minimize taxes for your estate and for your heirs. Otherwise, your heirs could receive far less, and Uncle Sam will receive far more than you wanted.

7—Failing to set aside adequate liquid assets. When you die, your loved ones will need to pay for a funeral, which are very expensive. Or you may own a business that you left to heirs—they may need a certain amount of cash to continue operating, while things are being settled. Make arrangements, so you don’t leave loved ones or business partners high and dry.

8—Avoiding the tough conversations while you’re alive. Maybe you want to leave your children the family home, but they don’t want it. You may also want to be sure they take your ancient Pekinese dog, who they never warmed up to. Talk with your heirs about your wishes and understand if your wishes are not the same as theirs. Adjust your estate plan accordingly.

9—Overlook the concept of secondary beneficiaries and executors. If you have three children and name only one as a beneficiary, what happens if that one dies? The same goes for naming an executor. You’ll want to name a primary and a secondary executor, and multiple beneficiaries.

10—Thinking estate planning is done once and finished forever. Estate planning is never really done, until you die. Life changes, your relationships change and assets change. Just as you do your taxes once a year, you should review your estate plan every time there is a big change in your life or every three or four years.

My office is fully open to help you set up an estate plan to deal with all these issues or to review an existing plan to incorporate any needed updates. We can do it in person with safe social distancing at my office or virtually through Zoom. Please contact me to set up a consultation.

Reference: SavingAdvice.com (July 24, 2020) “10 Mistakes Often Made When Estate Planning”

 

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