![]() ![]() The person’s home is sold, and they did not agree to sell it.The person’s will has been changed without permission.Signatures on checks or other papers don’t look like the person’s signature.Look for signs that the person with dementia may be a victim of financial abuse or fraud. Health scams, such as ads for unproven memory aids.Phony offers of prizes or home or auto repairs.Telephone, email, or in-person scams can take many forms, such as: But financial abuse and fraud can also be carried out by a “friend” or family member. Sometimes, the person behind the scam is a stranger. People with dementia may be targets of financial abuse or scams. Learn more about advance care planning and the process of getting your affairs in order. These papers should also include the person’s will and any health care or financial directives to ensure that their wishes are honored. Basic papers include the person’s birth certificate, insurance information, and banking records. Gather the person’s important records and documents in one place. Gather important papers and discuss financial and estate planning.Learn more about paying for long-term care. If the person needs more care, they might move to a residential facility, such as an assisted living community or nursing home. Find out how much they cost and whether Medicare, Medicaid, or long-term care insurance will cover any of the costs. Consider options for help at home, such as a personal care assistant or home health care aide. Learn more about finding legal resources. A lawyer may not be required to establish a legal proxy, but they can provide guidance and advice if needed. To prevent serious problems, consider naming a legal representative, called a proxy, to access and manage the person’s financial affairs. Share this infographic to spread the word about getting your affairs in order. To get started, consider taking steps to: You can arrange consent to manage the person’s finances via a durable power of attorney for finances, preferably while the person can still understand and approve the arrangement. It’s important to handle the transfer of financial authority with respect and understanding. To prevent serious money problems as the disease gets worse, you may have to take charge of the person’s financial affairs through legal arrangements. Offer to go grocery shopping or have items delivered to reduce overspending and ensure the person has what they need at home. Consider giving the person small amounts of cash to have on hand, reducing the spending limit on credit cards, and canceling unneeded credit and debit cards. This will ensure that bills are paid correctly and on time. Arrange for utilities, mortgage, rent, and other expenses to be paid through automatic deductions from a bank account. If the person is comfortable with computers or a smartphone, share information about secure online budgeting tools, many of which are free. Help the person develop a spending plan on paper. ![]() Start a conversation about the importance of a monthly budget.To provide support while also respecting the person’s independence, a family member or trusted friend can do several things to help the person with dementia while also respecting the person’s independence: Understandably, many older adults will resist allowing someone else to take over their financial affairs. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |