A Canadian trusts and estate attorney, Megan F. Connolly, identified an alarming statistic in her blog from Alzheimer’s Disease International: An estimated 35.6-million people worldwide suffer from dementia and by 2030, the number is expected to double to more than 65.7-million.
The Globe and Mail reports the astounding cost of medial care includes $96-billion in direct medical care, $255-billion for residential care such as nursing homes, and $253-billion in unpaid labour by family caregivers and that by 2030, total costs will surpass $1.1-trillion annually.
Of course, the medial expense is only part of the tremendous burden, as the toll upon the victims and their families is without measure.
The legal challenges caused by this growing population will only increase, as predators await their opportunity to take from the unprotected. (See prior Wealthlawblog.com postings.)
Prepare yourself and prepare those that you love. Put finances in order. Make your contingency plans. Call your estate planning attorney.