Money and finances are tricky and controversial topics to begin with — very personal. That sensitivity can be magnified when discussing the need to manage money for loved ones with Alzheimer’s or other dementias. When a person is deemed no longer capable of handling their affairs, a guardian or power of attorney or other system may be set up to manage their assets. These informative tips can help you before you reach that stage and help those who may be charged with your care, as well as those who are currently caring for a loved one.
Here are some things to remember before you might become dependent on others for money management.
Make a point of discussing your finances with your family and other trusted individuals so they understand your wishes for handling your assets and to head off any squabbles that could arise.
Organize important papers (mortgages, deeds, taxes, annuities, bank statements, insurance, etc.) and tell your family where they are kept. If you have a safety deposit box or safe, make sure it’s accessible.
If you have substantial assets, set up a trust to guarantee your wishes are carried out. Also, consider setting up a lasting power of attorney (LPA). This enables you to choose someone you trust to make decisions on your behalf about things such as paying bills and collecting income when you no longer want to make those decisions.
Speak to your local bank about extra support that may be available as your condition progresses and ways of managing money, e.g., using a signature card instead of a PIN number. A joint account may be a useful way of managing finances in the early stages of dementia. However, most joint bank accounts operate only when both parties have the capacity to use it. If a bank knows that someone is acting as a lasting power of attorney, they will usually want a separate bank account for that person.
Make sure someone protects your finances by stopping junk mail and unwanted telephone calls. Put a “No cold callers” sign on the door to help prevent door-to-door salesmen from visiting.
South Mountain Memory Care focuses on high-quality, personalized care. South Mountain Memory Care is proud to offer a wide range of resident-focused daily activity programming to our residents. Each neighborhood offers activity space for group and one-on-one activities.
The brand-new building is a stand-alone memory care community, meaning that the entire building, staff, and programs, are designed to serve residents with cognitive issues. To ensure person-centered care and attention, we have accommodations for up to 28 residents. The building is divided into two neighborhoods (wings), each offering 10 private suites and 2 semi-private suites. South Mountain Memory Care is located in the Allentown suburb of Emmaus, Pennsylvania, and is easily accessible from the Lehigh Valley, New Jersey, and Philadelphia. For more information, go to southmountainmemorycare.com.