Get Help With Your Finances
You don’t need to wait until you’ve made a serious mistake to ask for help. Early in the disease, the goal is usually to build a support team, not remove yourself from financial decisions.
While someone with mild stage dementia may still be able to manage finances, it’s more likely they could be struggling or start making mistakes, says Chin. “Having someone address finances with them can be beneficial for everyone involved,” he says.
The mild stage of dementia is the ideal time for a hand off so that the person with Alzheimer’s isn’t responsible for the finances, says Chin.
Depending on what you need, that team may include:
- A trusted friend or relative who can review statements, check that bills were paid, attend meetings, or help organize records
- A bank representative who can explain automatic payments, transaction alerts, trusted-contact options, and other safeguards
- A financial adviser with experience in aging, dementia, elder care, or long-term care planning
- An elder law attorney who can advise you on financial power of attorney, wills, trusts, and other legal documents.
- A geriatric social worker, dementia care specialist, or care manager who can help prioritize conversations and connect you with services
- Your local Area Agency on Aging, the Eldercare Locator, or a national Alzheimer’s organization for benefits counseling, community programs, and referrals
Larger decisions, such as taking out a loan, moving investments, or making an expensive purchase, may warrant a second review from someone you trust and, when appropriate, a financial professional.
Chin recommends telling your bank and any financial representative you already work with about the diagnosis and your plan for an eventual transition. This does not mean handing over control immediately; it simply clarifies who is authorized to assist and what safeguards should be put in place.
Keep the arrangement transparent whenever possible to avoid damaging trust. Whenever possible, the person with Alzheimer’s should understand who is helping, what role they have, and why that support is being added, says Chin.
Read the full article here
