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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Helping Parents and Alzheimer’s Patients with Finances

A court hearing on the conservatorship is set for late January.  We’ll see how it all plays out.

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 At some point as Alzheimer’s disease progresses, the victim no longer can take care of finances, personal, and medical needs.  Even if family members can care for them, a caregiver often needs to have this made official.

Depending on individual circumstances, family and patient cooperation, as well as legal requirements in specific states, the degree to which you’ll need to go to manage patient care will vary.  For instance, my mom gave me power of attorney for her affairs.  That was all I needed, in our situation, while I was responsible for her care.  However, the power of attorney was requested on many occasions in order for me to manage her affairs while I was caring for her.

A cousin has become court appointed conservator for her mom and has power of attorney, too.  This isn’t so inclusive as guardianship, but is sufficient in this case.  The judge decided the mother didn’t need a guardian at this point, but will review the situation at a later date if guardianship is deemed necessary.

Carol Bradley Bursack, at Minding Our Elders, discusses the situation, Elder Guardianship – Some Tips.  She also points us to Petitioning for Guardianship at OurAlzheimer’s.com.

These articles will give you an introduction to the issue.  Each state generally will have its variations.

Have you had to acquire guardianship or something similar?  How has it worked out?

(c)2008 Mary Emma Allen 

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Guardianship, Conservatorship & Power of Attorney for Alzheimer’s Patients