As an elder law attorney firm, when we meet with clients during our initial consultation, it is necessary for us to obtain information regarding income and assets. Unfortunately, most clients do not have a clear understanding of their financial situation. Consequently, people with an unclear or incomplete understanding of their finances often fail to budget for expenses properly, and may miss important payments which can affect overall credit scores. The elderly, in particular, may fall prey to various financial “scams.” Therefore, family members need to provide assistance to their relatives to avoid these situations. Family members are often reluctant to…
In 2009, your father was 80 years old and in reasonably good health. He gave $20,400 to his grandson to pay for college in 2009. However, last month he has a stroke. As a result of the stroke, he is totally incapacitated and in need of nursing home care. However, he is not yet in a nursing home, but his total assets are $2,000. During this month, you inquire about his placement at a nursing home. The nursing home questions you about your father’s finances and any past transfers, and you report the $20,400 gift made for his grandson’s education….
Problems handling finances are often the first sign of cognitive decline. Financial competence involves a complex set of skills, from simple arithmetic to remembering to pay bills to understanding how loans work. Therefore, impaired seniors are at risk not only because unscrupulous outsiders (or their own family members) can defraud them, but because they themselves make self-destructive decisions as shoppers or investors. This is a strong indicator that a dementia diagnosis will follow, often within a year. So how should a primary care physician respond when a family member reports these symptoms? The JAMA article suggests that doctors talk to…
Manage aging parents in five ways: Resistance – Eliminate, or more practical minimize. Initiate a plan, with everyone’s input, you, your spouse and family, siblings and your parents. If people participate in the plan, everyone knows the plan, conflicts should be abated. Control – Nobody is comfortable with change, especially seniors, giving up control and their independence. Therefore, you must recognize your parent’s desire for control and consistency. Appreciate their apprehensions from their perspective. Ensure your parent’s understand they have some control over their life. Independence – Strive to maintain your parent’s highest level of independence. Finances – Develop a…
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