Aura Wealth Advisors Announces Guidelines for Estate Valuation Related to Alzheimer's Disease

Saturday, Jul 25 2015 03:30 PM

Bert Doerhoff, CPA, of Aura Wealth Advisors, has prepared a set of guidelines for avoiding the loss of assets. These losses often occur late in the lives of relatives affected by Alzheimer’s disease and can result in undisclosed assets and loss.

One such case involved an administrator in Chicago, who discovered two safe deposit keys for which no matching bank was ever identified. The contents of a safe deposit box can represent a substantial part of an estate. Often, market volatility drives an investor to use alternative investments, which may be difficult to identify at the time of estate valuation.

The larger the estate, the more likely there is something secretly stored away. These assets can include accounts, collectibles, and property and/or business interests not disclosed to family or even financial advisors. Dementia or Alzheimer’s disease can cause these assets to be forgotten, sometimes permanently.

Individuals with an aging parent or spouse that has been diagnosed with Alzheimer’s disease or dementia should insist on a complete documentation of all assets. The following is a list intended to capture the various types of assets and liabilities that may be relevant.

1. Life insurance policies, including the policy number, the location of the documents, the face value and agent that issued the policy.

2. Bank, safe deposit and investment accounts, including account numbers, addresses and contact persons for each account, as well as a list of bills that are automatically drafted from each account.

3. Property, with information about the location of the property, where the deed is stored, and details about any restrictions or agreements on the property.

4. Debts listed with amount owed, collateral, terms, and any guarantees on the debts of others.

5. Business interests, including information such as the percentage owned, the contact persons involved and any buy/sell agreements.

6. Personal property, such as collectibles, including where the items are stored and where the titles are kept.

7. Wills and trusts, with information about the estate attorney and where the most recent set of documents are stored, noted with the date of that most recent copy.

8. Credit cards, including the account numbers, contact information, any recurring automatic charges.

9. Professional advisors to be contacted in the event of death.

The list of financial information does not need to be shared with family members or other individuals, but it is advisable to inform family members of the location of the list, should death occur.

Doerhoff also advises readers to remember that people’s wishes change, so the list and all estate planning documents should be reviewed and updated regularly. “Inheritances have the tendency to bring out greed in the heirs of an estate, so it is best for the decedent to leave nothing to chance,” says Doerhoff.

About Bert Doerhoff: Bert Doerhoff CPA, the founder of Aura Wealth Advisors, is a fee based investment advisor who works with families and small business owners to help them protect and grow wealth for life. He designs comprehensive tailored investment solutions with strategic defensive investment approaches that retain growth potential. Guided by these fiduciary standards, he works with clients to build a legacy and deliver ever increasing cash flow in retirement that will protect their lifestyle from the effects of inflation.

Jefferson City, July 15, 2015

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