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Protect Loved Ones with Cognitive Decline from Financial Exploitation
Dated: June 28 2023
Views: 171
A recent NPR story illustrated how somebody could financially exploit those with dementia and devastate their finances.
In the piece, Angela Reynolds discusses discovering her mother's worsening cognitive decline when she starts untangling her finances.
She found unpaid bills, unusual cash withdrawals, and a refinanced mortgage at a higher interest rate.
Reynolds' mom also ended up losing her house to foreclosure.
As a caregiver, there are steps you can take to minimize the financial consequences of such a decline in your own loved ones.
Here are five.
1. Watch for signs that your loved one has trouble with money. For example, does your person find it challenging to read a bank statement, count change, or calculate a tip? Other indications include unpaid bills, money missing from their account, and unusual purchases.
2. If you have power of attorney, learn as much about your loved one's finances as possible. AARP's workbook, Financial Workbook for Family Caregivers walks you through critical categories to understand, including bank and retirement accounts, healthcare and insurance policies, and passwords and usernames.
3. Set up auto-pay for routine bills like utilities, insurance, mortgages, and car payments.
4. Friends, family, clergy, caregivers, and strangers all can prey on seniors, especially those in cognitive decline. Store financial documents and other crucial personal information securely, rather than on a desk or table where anyone visitor to the house can see them.
5. Find an attorney specializing in elder law for guidance on wills, trusts, and healthcare directives and understanding guardianship matters.
Here are more resources to help you protect loved ones.
- Alzheimer's Association (https://bit.ly/43vhYPg)
- AARP (https://bit.ly/439QQ8r)
- Bank of America (https://bit.ly/43tesEN)
- Care.com (https://bit.ly/3MBBrH8)
- Consumer Financial Protection Bureau/Managing someone else's money (https://bit.ly/3qc2EIL)
- Family Caregiver Alliance/ Finding an Attorney to Help with Estate Planning (https://bit.ly/3OILflc)
- National Institute on Aging (https://bit.ly/3OHJHbe)
Randy Smith Team
With over 40 years of combined real estate experience, The Randy Smith Team takes the guess work out of buying and selling real estate. Having sold over 1000 homes sold along the Wasatch Front, we kno....
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