Memory Loss & Financial Planning

Parents who have dementia have trouble keeping up with their businesses and finances. Therefore, their adult children are tasked to assist their parents with managing, organizing and growing their assets. Financial matters are sensitive. Therefore children have to show respect to the financial privacy of their parents.

The children should come up with strategies to protect their parent’s assets and engage their parents in conversations to discuss how their parents would want to be helped with their financial matters at the moment and in the future. The children should not start to question their parents on certain financial expenditures instead give them a chance to say how they would like you to provide help.

 

Consolidate vital financial information

Everyone is encouraged to keep all their primary economic data in a list regardless of their age. Adult children consult their guardians or parents if they have such a list if not offer help to make a detailed list of all your parent’s bank and investment accounts with names and account numbers. Include all information about all the bills they pay, loans, debts, and insurance information. List all their sources of income and keep records of their online accounts and passwords, lock this list in a safe and share the contents of the list with only trusted family members.

 

Update all the legal documents

It is essential to find out if your parents keep their wills, living wills and healthcare directives updated. The next step is to establish the location of the documents, often parents with dementia have healthcare proxies or durable power of attorney who make either health or financial decisions for them learn about such people too. The legal documents should be verified by a lawyer to be sure the right procedure is followed in creating them to avoid problems that would result to be costly.

 

Asses the money management of your parents

The time when parents with dementia are having problems with their finances may not be precise, but as the adult child, it is essential to be on alert on the signs that show struggles like piles of unopened mails or bills. When the symptoms present, the adult child will have to step in but casually. It is because parents even with their conditions have a difficulty of admitting to needing to help their responsibilities to their children. Involve them in some of the financial matters like paying monthly bills to allow them to continue their usual activities. Help your parents manage their accounts or take over if they are not able to handle at all.

 

Educate your parents on scams

Parents with dementia can easily be victims of consumer fraud, and they are an easy target since they won’t be able to remember easily. To help your parents, engage them in conversations about the possible scams. The most common are phone calls from unknown callers claiming to work for the government asking for credit card, banks, and investment information. As the adult child do not show your parent that they are worse not to detect such scam instead you can use stories of people you know who have suffered in the hands of scam and fraud and involve the whole family, not just the parents.

 

Consider the family dynamics

Family dynamics is a significant setback in coming up with the right ways to manage your parent’s finance. Let your parents choose who in the family they should put in charge of the money, and all the children should abide by their decision to avoid drama. The person in charge should always involve the other siblings and always consult them before making decisions. Siblings should offer help to the person in charge. Always keep records of all the financial transaction you make to avoid misunderstanding with the family members and never mix your finances with your parents

In conclusion, the kids in charge of their parent’s finances and money should always know that the money they are managing does not belong to them. Ensure that all records are safe and clean transactions are done, make sure that everything you do on behalf of your parents is in their best interests.

Categories: Care Giving Tips and Financial and Legal.

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