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Steps to Understand Financial Issues:
Resources for Individuals with Alzheimer's Disease

Careful planning can help lessen the financial impact of Alzheimer’s disease and help protect both the people who depend on you financially and the people who will care for you. But careful planning requires communication. It’s vital that you talk with your loved ones now about your wishes and intentions.

Discuss your immediate and future financial needs and goals with someone you trust. This person may be your spouse, your child, or even a close friend. You may want to involve more than one person in the discussions, especially if you have several children.

Involving your family or friends early on can help avoid future conflicts and foster feelings of trust and confidence. It also can encourage your loved ones to share their feelings and needs, creating a sense of unity as you all face the future together.

Giving up some or all control of your finances may be difficult. Money is an intensely private matter to many of us. Perhaps you fear that others will judge your financial choices. Maybe you’re concerned that your loved ones don’t have the knowledge to handle your money wisely.

It’s important to recognize, however, that eventually you will need to rely on others to take care of your finances. The sooner you begin to plan for this time, the better your plans will be.

Although you should talk openly about financial matters with close family or friends, it’s best to pick one person to handle the finances. Choose someone you trust who has a history of making wise financial decisions.
Your financial helper needs to know all about your financial and legal affairs. A great way to educate your help is to search jointly for all necessary paperwork. This might include legal documents such as:

Legal documents:

Financial documents can include:

Reviewing documents also will help you identify financial or legal documents and resources that are not in place but should be.

Seeking assistance from a professional financial advisor can help you feel more secure about turning over your money matters.

Financial professionals, such as financial planners or estate planning attorneys, can work with the friend or family member you have chosen to manage your finances. They can provide expert advice and help ensure that financial decisions are carried out properly. Financial professionals also provide information about resources that may be available to help cover the expenses related to Alzheimer’s disease.

When selecting a professional financial adviser, check credentials, work experience, educational background, membership in professional association, and areas of specialization. Also ask if the professional is familiar with elder care or terminal illness issues.

Another option is to work with your bank. Many banks offer services that will help you manage your accounts. You also can arrange for automatic payment of some bills and for direct deposit of retirement or other benefit checks through your bank.

It’s never too early to start planning a long-term budget. This process can ease fears and provide a road map for your future. When making a budget, it’s important to look at both expenses and income.

Write down possible future expenses, such as: health-care expenses not covered by insurance, potential prescription drug costs, and fees for an attorney or financial planner.

Next, look at areas where there could be a major financial impact, such as housing. Because of your diagnosis, you will not be able to live independently. Talk with your family and friends about where you want to live when you can no longer take care of yourself. Learn now about the various home care and residential care options, what they cost, and how they might be paid for.

There are many factors to consider when deciding how to handle your finances, such as your age, type of assets and insurance, tax issues, and long-term health outlook.

Dealing with Alzheimer’s disease often means changing your priorities—including your approach to investing. This is one reason why it can be helpful to work with financial professionals. A financial professional can help develop a plan specifically for your immediate and long-term financial needs.

Locate other resources to help pay for expenses. Do you have enough insurance and personal resources? Will government benefits eventually be needed? Are there other financial resources available that you haven’t considered? By learning as much as possible about your current situation, you—along with loved ones and trusted advisers—will be able to map out your financial future.

(From the Alzheimer’s Association ( www.alz.org ) - providing research, information and support to people with Alzheimer’s disease, their families, and caregivers. For the chapter nearest you, call 1-800-272-3900.)

 

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