Older Americans worry about Alzheimer’s and cognitive abilities but finances can also be deeply affected.
The Washington Post recently published an article that explains the impact of Alzheimer’s on mental abilities but also explains the high financial cost of the disease in "Facing financial reality when early dementia is diagnosed."
The financial costs of Alzheimer's can go far beyond health care and assisted living expenses, which can be astronomical. Because the disease impairs patients' mental abilities, even in its early stages it can have a negative impact on a person's ability to manage finances. Patients often forget to pay their bills. They give more money than they should to charities. And, in many cases they fall victim to scams.
The net effect is that patients can easily lose all of their money just when they need it more than ever.
Planning ahead can help guard against this problem.
By getting a General Durable Power of Attorney now, you will be granting someone else the ability to manage your finances when you are no longer able to do so for yourself.
An elder law attorney can guide you through the process of setting up a plan that will help manage your finances.
Reference: Washington Post (Oct. 28, 2016) "Facing financial reality when early dementia is diagnosed."
