The Caring Corner®
Do Some Chapel Hill Seniors Have Financial Dementia?
Dementia can wreak havoc on the lives of elderly. It is important to guard your elderly loved ones from predators that want to take advantage of them and their money. Dementia can often develop slowly, but there are signs to alert you to problems that a person might encounter with their finances over time.
-Many people may forget that they withdrew funds the previous week.
-They may not understand that their IRA declined in value after a minimum distribution takes place.
-The person that was once very interested in their finances loses interest and doesn’t keep up with their accounts.
-They might develop a friend in another state that needs money and when asked about it, they cannot adequately describe the friend or relationship.
-A home that is very clean and orderly may become messy and disorganized as cognitive abilities decrease.
All of these indicate that there is short-term memory loss or a decline in the mental state. It is important to address it and find out if it is more serious, such as Alzheimer’s disease. This is an important conversation to have with family members to make sure a person is not losing money or being swindled by a professional. This is rarely discussed and should be monitored so that the elderly’s finances are managed for their future care.
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