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Report warns of rising Alzheimer’s costs and their impact on families

The rising number of Alzheimer’s cases and their accompanying costs are taking a toll on caregivers and society at large. A new Alzheimer’s Association report published last March makes some worrying projections about the cost of the disease.

The population of elderly Americans with Alzheimer’s is expected to increase 29 percent from the current 5.5 million to 7.1 million by 2025. Without any headway on effective treatments by then, the number will likely skyrocket to 13.8 million people in 2050.

The report’s authors pointed out that family caregivers shoulder most of the responsibility when it comes to looking after Alzheimer’s patients. As a result, there is likely to be negative impact on their emotional, physical and financial wellbeing, the Alzheimer’s Association said in a statement.

Last year over 16 million people spent 18.4 billion hours providing unpaid care to Alzheimer’s patients. Families assume 70 percent of the lifetime cost of their care, which totaled $329,360 per patient in 2017.

The report warned of the “growing cost and impact of Alzheimer’s on the nation’s health care system.” Its authors emphasized that society would benefit greatly from the early diagnosis of Alzheimer’s disease as it would reduce long-term care costs.

The caregiving expenses for individuals with Alzheimer’s and other forms of dementia are estimated to be $277 billion this year, not including unpaid caregiving. The amount includes Medicaid and Medicare, along with out-of-pocket expenses mostly for nursing homes and private insurance.

“The need for reliable and creative approaches to pay for the devastating cost of home care and nursing home care is overwhelming,” said Michael Gilfix. Mr. Gilfix is an attorney and entrepreneur who has helped hundreds of families obtain quality care — without the loss of the family home and without financial destruction.

Long Term and Asset Protection Planning

This presentation by attorneys Michael Gilfix and Mark R. Gerson Gilfix will address:

  • Simplification of your Revocable Trust to massively save on taxes;
  • Passing assets to your children and grandchildren in ways that protect them from divorce, litigation, and estate taxes;
  • How to protect your residence and other assets – and save your family $100s of thousands - while qualifying for Medi-Cal to pay the cost of skilled nursing care;
  • Estate and gift taxes;
  • The pros and cons of reverse mortgages;
  • Long-term care insurance and planning for long term care; and
  • The value and importance of involving your children in the planning process.

Trump Tax Reform and Your Tax and Estate Planning Seminar

Uncertain about what the new tax law means for you and your family? Wondering how to proceed with your estate planning in light of President Trump’s tax reform? Gilfix and La Poll Associates is here to help.

Attorneys Michael Gilfix and Mark R. Gilfix will be leading a free seminar, which they will discuss the implications of the new tax law and provide practical tips. The seminar will present a wealth of valuable information that will allow you to take charge, plan and capture benefits. Michael Gilfix and Mark R. Gilfix will talk about both irrevocable trusts and revocable trusts, estate tax, as well as income tax punishments and opportunities. They will also cover what the new tax law means for real estate, and buying or selling a home.

The seminar will offer guidance on new income tax credits for caregivers and the planning implications for the cost of long-term care. It will also answer questions like should you move your assets to Nevada? Will a “pass through” entity save you a small fortune in income tax? Gilfix and La Poll aims to address all your concerns and ensure the tax reform plan does not leave you feeling helpless.