Alzheimer's disease is a difficult diagnosis, requiring a high degree of sensitivity along with some alteration in lifestyles. Finances must also be considered anew to ensure funds are available for the highest quality at-home care possible. However, it doesn't have to be as difficult as it might initially seem if you follow these basic tips for managing an aging family member's finances post-Alzheimer's disease diagnosis.
Difficulties Managing Finances
Newfound difficulty managing finances is a common early warning sign of Alzheimer's disease. However, it can be hard to assess whether financial difficulties are a sign of a condition or are simply an aspect of an increasingly more complicated and difficult financial environment. Therefore, it's important for those closest to the patient to determine if financial difficulties are out of character.
It's helpful to keep an eye out for signs of unpaid expenses or increased vulnerability to potential scams. Sudden alterations in spending patterns may also signify changing cognitive conditions. Be watchful for any of the following:
- Unpaid bills
- Stacks of unopened mail
- Sudden expensive purchases
- Inability to recall or explain financial arrangements
- Neglected home, auto, and other important repairs
Discussing it With Care
It's important to proceed with as much tact as possible. Frame the conversation as a basic and routine event, not some outstanding and stressful issue. Even if their retirement funds were secured in the past, there is nothing wrong with revisiting the topic of financing future care.
Although defensiveness can be a sign that an older family member suspects cognitive changes, it does little good to force the matter and increase anxiety. Instead, expressing an eagerness to help them feel more comfortable in general and solidifying financial matters with them when most comfortable is just one of several ways to do so.
Invite them to share a pleasant day together, in which straightening up a few odds and ends – including administrative loose ends – is only one small part of the day's plans.
Gathering Financial Materials
When looking over financial statements together, test the waters to find out how much help they're likely to accept. It's also vital to begin compiling crucial information as soon as the cognitive decline is suspected. Build rapport by sitting down next to them (rather than across from them), and create a list of what needs to be done. With a clear list of financial-management tasks, it's much easier to determine what help they need now and in the future.
Power of Attorney
In the interest of both time and utility, the most operative change is to see if they'll assign power of attorney to a trusted confidant. Again, it should be framed as an important contingency for anyone, regardless of age or medical labels. If something were to preclude their ability to manage their own estate, they'd need a family member or extremely close friend who will take their interests as carefully as their own with lawful authority to act on their behalf.
Who do they trust most to manage their estate? What contingencies should be in place if they require greater home assistance or medical care in the future? Asking sincere questions along these lines in a patient and nurturing manner will clearly convey how cared for they are, which is essential with any highly sensitive topic. At the same time, it's necessary to be direct – even at the earliest stages of Alzheimer's disease, the need to line up a competent and trusted power of attorney should not be delayed.
Securing Home Care & Other Long-Term Assistance for Parents Diagnosed With Alzheimer's Disease
Helping an older loved one manage their finances is nothing out of the ordinary and is, in fact, a sign of great love. By keeping the conversation as comfortable as possible, they'll feel greater peace and confidence in their child's or other adult caretaker's ability to help them when they need it most.
Senior Helpers assists older people and their families by providing empowering in-home senior care for the brightest sunset years possible. For the most attentive home care in St. Louis, Missouri, and the surrounding areas, reach out to Senior Helpers today.