Alzheimer’s and Financial Loss
December 27, 2019
Those suffering with Alzheimer’s are often susceptible to financial issues. This is partially due to the symptom of forgetfulness and overall mental decline. These symptoms might lead an Alzheimer’s patient to make poor financial decisions, including vulnerabilities to fraud.
Many of those with an Alzheimer’s patient in the family know the financial difficulties that come with the disease. Some of these difficulties include medical bills or paying for necessary housing. According to a report from the Alzheimer’s Association, the estimated long-term cost for an Alzheimer’s patient is $424,000. To prevent financial loss before this investment, it is crucial for Alzheimer’s patients and their family to make the necessary arrangements.
Even in the earliest stages of Alzheimer’s, a patient might start making poor financial decisions. Since this is often one of the first signs of Alzheimer’s, the patient and their family might not connect the decisions to the disease.
Early financial signs of Alzheimer’s disease include:
- Unusual purchasing behavior
- Unpaid bills
- Unopened bills
- Unusual money loss in one’s bank account
In order to prevent these financial vulnerabilities, a relative should check in with the individual and their finances.
According to the Alzheimer’s Association, other Alzheimer’s symptoms include:
- General memory loss
- Difficulty remembering how to do day-to-day tasks
- New problems with speaking
- Misplacing things often
- Overall poor judgement
- Changes in mood
In order to make the necessary arrangements for Alzheimer’s patients, it is important to be aware of the associated symptoms of the disease.
Vulnerabilities to Scams
Unfortunately, those suffering from Alzheimer’s often fall victim to those looking to scam vulnerable individuals out of their money. Some scams include receiving prize offers, insurance scams, or even threats. When a family member checks in on the Alzheimer’s patient, they should also inform them of these scams and block certain numbers from calling.
Determining a Durable Power of Attorney for Finances
Elder law attorneys perform a variety of tasks, including drafting a living will, a living trust, and a will. However, Alzheimer’s patients should consider assigning a durable power of attorney for finances through an elder law attorney. According to the National Institute on Aging, a durable power of attorney for finances is an individual who is assigned to make financial decisions on behalf of an Alzheimer’s patient.
The tasks of a durable power of attorney for finances include:
- Paying necessary bills
- Paying taxes
- Paying medical bills
- Buying insurance
- Operating any businesses
- Managing real estate
- Selling assets
A person’s duty as a durable power of attorney for finances might be relieved if a recovery is made or if the person dies.
Brooklyn Elder Law Attorneys at Korsinsky & Klein, LLP Help Alzheimer’s Patients Prevent Financial Losses
If you or a loved one is an Alzheimer’s patient, you need the services of a Brooklyn elder law attorney at Korsinsky & Klein, LLP. We help families make the necessary arrangements to prevent financial loss from Alzheimer’s. If you are interested in speaking to an elder law attorney, contact us online or call us at 212-495-8133 for an initial consultation. Located in Brooklyn, New York, and Lakewood, New Jersey, we proudly serve clients throughout Manhattan, Long Island, and Westchester, New York.