What Gene Wilder’s death can teach you about estate planning

Because cognitive impairment is likely for most people as they age, you shouldn't wait for signs to start preparing.

Funny man Gene Wilder, who died Monday at age 83 from complications due to Alzheimer’s disease, kept his illness hidden from most people for at least three years. That’s a common approach, experts said.
The star of Blazing Saddles, Willy Wonka and the Chocolate Factory, The Producers, and many other notable comedies, reportedly wanted his fans to keep laughing over his life’s work instead of feeling down about his failing condition.
Most Alzheimer’s sufferers hide symptoms for as long as possible out of fear they’ll lose control of their own lives if their family or friends think they can no longer take care of the things they’ve always handled, said Carolyn Rosenblatt, a registered nurse and elder law attorney. Patients who have advanced education or who have used their brains the most during their careers can usually hide the disease the longest, she said.
“Cognitive impairment is a significant risk for every client,” said Ms. Rosenblatt, who authored a book with geriatric psychologist Dr. Mikol Davis, “Succeed with Senior Clients: A Financial Advisor’s Guide to Best Practices” (AgingInvestor.com, 2016).
They conclude that investors should work with their financial advisers to take steps to protect their finances from the impact of debilitating conditions like Alzheimer’s disease and other cognitive impairments before there are changes in their behavior or attitude. In part because dementia and Alzheimer’s are so prevalent among the elderly, fraudsters often target older individuals because they can be more easily cajoled into turning over funds or compromising their personal information.
“The elderly are sitting ducks for financial abuse,” Ms. Rosenblatt said.
The first thing investors should have in place is a document that identifies other family members or friends a financial adviser can contact to discuss private information in the event they start to have cognitive difficulties.
Additionally, investors should provide their financial advisers with a checklist annually to keep track of changes and document those over time. When advisers start to see certain “red flags,” such as clients appearing to have memory loss or not understanding the consequences of decisions, they should consider whether it’s time to start including one of those trusted contacts in planning meetings, Mr. Davis said.
The investor and adviser need to work together to make sure the portfolio risk continues to be in line with what the investor is doing and saying, said Tom West, a financial adviser who specializes in working with clients who have dementia and other cognitive issues at his firm Signature Estate & Investment Advisors.