DEMENTIA AND FINANCIAL PLANNING

I know this will seem like a cross subject, but it concerns money and Alzheimer’s.  I decided it needed to be in Finance Highdance; the Alzheimer’s is a whole other matter.

Most of us have either had a parent or grandparent with dementia problems, and it creates a humongous strain on the whole family.  From money, to financial responsibilities, to care, to housekeeping, and on and on.  If you happen to be one of the children, or grandchildren who still live nearby, the burdens typically fall on you.  When it comes to financial issues there may come a time when you will need to take over.   How do you do that?

You should hire legal assistance to go forward due to the fact that financial institutions need authorization for such actions that you may need to do.  Your attorney can help you accomplish the power of attorney paperwork which, in effect, can allow you financial authority over specifics.  A durable power of attorney allows you immediate ability to process financial matters, or a springing power of attorney only takes effect when a medical diagnosis confirms the individual’s mental incompetence.  Whichever is decided you will need to send copies to financial institutions.  It is recommended that it may be best to get a durable power of attorney before your parent or grandparent is unable to make financial decisions, as some financial institutions require the original owner to sign a form to allow another person access to investments.  You can also be appointed as guardian or conservator.  Your attorney will guide you in these differences and decision-making.

Hopefully, you can provide medical history or prescriptions, as needed.  Also the checking, savings and investment accounts, insurances, PASSPORT and/or Driver’s License, Social Security Numbers and any passwords used.  You will need to know the beneficiaries for insurances or any other documents which allow those.  Your attorney will be able to help in some of these instances, including income, wills, deeds and trust documents.

You may decide that you do not wish to become the responsible party.  You can very carefully review whether to select an attorney or a wealth management organization to  assist in these details.

Rest assured you are not alone in this situation these days.  There are many support groups available for families struggling through the maze.  Check with your attorney, your local health department and/or senior center; help is waiting.