Financial Intervention for Alzheimer’s Patients
October 08, 2018
Submitted by the Villas of Holly Brook
Does your mother or father have early Alzheimer's? Don't wait to help with money matters. People in their 50s and early 60s often notice their elderly parents having trouble with memory loss and with handling finances.
One in eight Americans 65 and over and 43 percent of individuals 85 and over have Alzheimer's disease. Financial advisors and accountants say elderly parents and adult children alike are too slow to seek or provide help in the early stages of decline.
Denial is part of it. Hoping to stay independent, parents may minimize their difficulties. Adult children hesitate to meddle and ignore warning signs.
Reporting in Smart Money, Kathleen Michon, an attorney and editor at Nolo, a provider of legal information and products, says the damage can be dire: closed accounts, damaged credit, money lost to scam artists, even foreclosure.
If older people give credit card information to callers on the phone. Older people should be warned of the dangers; however, older adults are also likely to donate money. They want to help and feel they are making a difference.
If you see a mailbox stuffed with donation requests, checkbook mistakes, unpaid bills, and desks and drawers that were once neatly organized now scattered with paperwork, your parents need help.
Don't try to suddenly step in and take over. To ease into their financial affairs, begin by offering help with such matters as filling out insurance claims, helping to adjust property tax bills or checking credit card statements.
Now might be a good time to check on their wishes for Health and Financial Powers of Attorney. Let your parents know you don’t want to be left with decisions as a last resort. Knowing what your parents’ wishes are and having the documentation signed and notarized now will eliminate problems in the future. After all, as their child, you want to carry out their wishes and keep them healthy and financially secure for as long as possible.
This is a brief synopsis from a monthly seminar held at the Villas of Holly Brook and Reflections Memory Care. They offer free seminars each month on senior health and memory care issues. The Villas of Holly Brook and Reflections Memory Care communities offer a full range of personalized senior living services delivered by compassionate team members who are trained to encourage independence, preserve dignity, enable freedom of choice, and protect the privacy of residents. To learn more about the Villas of Holly Brook and Reflections Memory Care, visit www.villasofhollybrook.com or call 855-20-VILLA (855-208-4552).
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