Even for Americans who are not dealing with cognitive disability, managing finances can be very difficult at times. It is therefore no wonder that, for a patient dealing with Alzheimer’s disease, managing money can become an impossible task. A recent article offers several tips to assist a loved one with Alzheimer’s disease to protect his or her finances.
First, treat your loved one with respect. Even though you are stepping into a caregiver role, you cannot treat your loved one as though he or she is a child. As Brenda Avadian of CaregiversVoice.com explains, you cannot simply “walk in there and tell your parent what to do.” Rather, be patient and cultivate an environment of trust.
Second, it is important to deal with legal matters as soon as possible after your loved one is diagnosed with Alzheimer’s disease. Steps you will want to assist your loved one in taking immediately include appointing a durable power of attorney for finances, and establishing a revocable trust so that a loved one or professional can handle his or her assets.
Finally, create a plan for paying bills and managing finances. You will want to have a plan for dealing with day-to-day money issues such as paying bills. If your loved one is still in control of his or finances, suggest that you two pay the bills together. Moreover, if your loved one agrees, look over his or her banking statements periodically to check for suspicious activity.