Health
Relationship between dementia and economic loss
Research shows that being diagnosed with this memory-robbing disease is one of the biggest financial risks for retirees.
A local financial advisor has first-hand knowledge and shared his story and steps we can take.
“At first we noticed that there were some problems with driving skills. Maybe we went somewhere that might be an everyday place and forgot where we were.” said Jeff Massey about his mother and father.
The first to die was his father, Harvey. Now it's his mother, Louise.
Jeff Massey, a financial advisor with Massey and Associates, noticed a few things.
“She was sending charitable donations to the same place over and over again, month after month,” Massey said. “She couldn't afford to do that.”
She started repeating herself more and more.
“If you have dementia, it's very easy to get scammed because they're not thinking clearly, and scammers can be very convincing,” Massey said.
The Massey family was diagnosed with dementia. The diagnosis is the most important. And they took over her finances.
How do you broach this topic with your parents or older loved ones?
“I don’t think that’s an easy thing to do, especially when they’re not open with their finances,” Massey said. “If they're still writing checks, take a look in their checkbook. Even if they're probably not really open, you can probably find it.”
If you're having more money coming out than usual:
“It's difficult, but at some point you have to take over. It's much better to have them get a little pissed off at you than to waste money.”
“The best way to avoid that is to establish a financial power of attorney. In the meantime, you will need to create a health care power of attorney and create advanced health instructions. We are not lawyers But we highly recommend that “these legal documents be completed,'' Massey said.
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Sources 2/ https://turnto10.com/features/health-landing-page/link-between-dementia-financial-loss-financial-advisor-steps-diagnosis-contribution-charity-money-fiances-elderly-checks-november-25-2024 The mention sources can contact us to remove/changing this article |
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