Helping Parents and Alzheimer’s Patients with Finances

Alzheimer’s Finances

There often comes a time when elderly parents, especially those who experience strokes or develop Alzheimer’s, need help with their finances.  Eventually someone may have to take over their finances entirely.

This generally is a difficult time for both parents and children or whomever becomes in charge.  I found helping my mother make out checks, decide which bills to pay, and go over accounts was no problem.  It was when she began to lose the ability to understand and made unrational decisions.  There is a reluctance within many of us to take financial matters out of our parents’ hands, even when we know they are no longer capable.

This also becomes the time when unscrupulous people also can take advantage of the elderly.  The frustrating part occurs when the parent desires to take the advice of outsiders rather than family members. Also, various family members may have differing views of what’s best for the parent.  Occasionally, a family member is the unscrupulous person.

Acquiring power of attorney, conservatorship and guardianship are some methods of legally being able to handle a parent’s affairs.  You’ll find a great deal of information to help you in making decisions at How can I help my parent manage her financial information.

How have you gone about finding solutions?

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