How to Deal with a Dementia Diagnosis in the Family

8:01 pm Estate Planning

hands old young e1337116539659 How to Deal with a Dementia Diagnosis in the FamilyA recent survey by the National Endowment for Financial Education found that 70% of the 2,000 adults surveyed said their families have not talked about who will make financial decisions for family members who lose the ability to make those decisions for themselves.

Here are some tips for dealing with loved ones facing cognitive decline issues:

Get information.  Families should get as much information as possible about a loved one’s diagnosis and prognosis to help determine when an intervention may be needed.

Consolidate.  Consolidate financial accounts to make them easier to manage and be sure that the family member’s will and power of attorney are up to date.

Show compassion.  Your family member may be wary of relinquishing total control over their finances, since it means giving up their financial freedom.  Be sensitive to their concerns.

Make a plan.  An estate planning attorney can help you make a plan for financial management of a family member’s assets when they become cognitively impaired.

Implement the plan.  One family member should be in charge of overseeing an aging parent’s finances, which should include careful monitoring of accounts to guard against identity theft.

Keep other family members in the loop.  Sharing care-giving duties among siblings will ease the burden of providing financial and emotional care for a parent suffering from cognitive decline.  Keep those who do not live nearby updated regularly.

For help in making a plan for long term care and other estate planning strategies, contact our Newport Beach law firm.

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