Studies show being diagnosed with this memory robbing disease is one of the largest financial risk to retirees.
A local financial advisor knows first hand and shared his story and steps we can take.
“First we noticed some issues with driving skills and maybe going somewhere where maybe it’s a routine place, kind of forgot where they were,” Jeff Massey said of his mom and dad.
First it was his dad, Harvey, who’s since passed. Now his mom, Louise.
There were a few things Jeff Massey, a financial adviser at Massey and Associates, noticed.
“She was sending repeatedly, like month after month, charitable contributions to the same places,” said Massey. “Which she could not afford to do.”
She would repeat herself more and more often.
“They are very easily scammed if they have dementia because they’re not thinking clearly and the scammers can be very convincing,” said Massey.
The Massey family got a diagnosis of dementia. That diagnosis is paramount. And they took over her finances.
How do you broach this topic with your parents or elderly loved one?
“I guess it’s not an easy thing to do especially in those cases where they’re not as open with their finances,” said Massey. “If they’re still writing out their checks, take a peak at their check book, perhaps if they’re not real open with it, perhaps you can find it.”
If you’re seeing more and more money going out than usual:
“It’s a tough thing to do but at some point you just have to take over… Much better to maybe have them be a little upset with you than for them to squander their money.”
“The best way to avoid it, get financial power of attorney established , while you’re at it, you should do a health care power of attorney, you should do an advanced health directive. We’re not attorneys but we highly recommend that these legal documents get done,” said Massey.
