Alzheimer\u2019s disease, and the demands it places on a caregiver\u2019s time and energy, can devastate a family\u2019s emotional resources. It can devastate the family\u2019s bank account, too.<\/p>\n
According to the Alzheimer\u2019s Association, 5.4 million Americans are living with it, and one in eight older Americans is afflicted with the progressive, incurable disease. The association says that the first step when a diagnosis is made is to assess your clients\u2019 assets: Social Security and pensions, bank accounts and IRAs, real estate and life insurance policies.<\/p>\n
Options exist<\/strong><\/p>\n When your client is no longer able to manage his or her finances, a relative or other trusted individual should have durable power of attorney to make sure your client is properly cared for.<\/p>\n The Alzheimer\u2019s association says (http:\/\/tinyurl.com\/965uhtl<\/a>) your client\u2019s caregiver can become a \u201crepresentative payee\u201d with access to your client\u2019s benefit checks. This option is available from the Social Security Administration, the Department of Veterans Affairs and the Railroad Retirement Board, the group says.<\/p>\n Another option is a joint bank account for your client and his caregiver, although this might complicate applying for Medicaid or other benefits. Clients should consult an attorney who specializes in elder law to help make the right decision.<\/p>\n Finally, setting up a living trust might be best for your client, whether revocable or irrevocable. Only irrevocable trusts, the Alzheimer\u2019s Association says, protect your client\u2019s assets in case he needs long-term care.<\/p>\n Loss of Control<\/strong><\/p>\n In many cases, your client has spent a lifetime managing his finances, and giving up that control can be the hardest thing to do. A Reuters<\/em> story (http:\/\/tinyurl.com\/9fgd8ae<\/a>) gives tips on how family members can deal with elderly relatives and their finances.<\/p>\n Basically, they all boil down being diplomatic and acting before it\u2019s too late to have any legal say in your client\u2019s financial well-being.<\/p>\n In the case of your client\u2019s investment accounts, the story says, use even more finesse because the stakes are higher. The family shouldn\u2019t tell your client they don\u2019t think he is capable of buying and selling responsibly, but rather \u201ctell them you admire their long history of smart investing and would like to learn from\u201d him. Family members should ask, the story says, to attend meetings with your client\u2019s investment adviser.<\/p>\n Ripe for the Picking <\/strong><\/p>\n Alzheimer\u2019s disease patients are often easy prey for scam artists \u2014 a cursory Internet search brings up dozens of such cases \u2014 and without sound financial and legal planning, your client could fall victim, too. According to the Reuters<\/em> story, more elderly people are ripped off by relatives than are scammed by professional advisors.<\/p>\n As your client\u2019s financial representative, you can be the last line of defense for your client.<\/p>\n We hope this information was useful to you and helps your clients and their families. If you have a specific case or a question, don\u2019t hesitate to call our office. As always, feel free to call us for further advice or to share your ideas.<\/p>\n Click here<\/a> for PDF version of article.<\/p>\n","protected":false},"excerpt":{"rendered":" Alzheimer\u2019s disease, and the demands it places on a caregiver\u2019s time and energy, can devastate a family\u2019s emotional resources. It can devastate the family\u2019s bank account, too. According to the Alzheimer\u2019s Association, 5.4 million Americans are living with it, and one in eight older Americans is afflicted with the progressive, incurable disease. The association says… Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[177,2],"tags":[],"class_list":["post-150","post","type-post","status-publish","format-standard","hentry","category-alzheimers-disease","category-asset-protection"],"aioseo_notices":[],"_links":{"self":[{"href":"http:\/\/www.caassetprotection.com\/blog\/wp-json\/wp\/v2\/posts\/150","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.caassetprotection.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.caassetprotection.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.caassetprotection.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.caassetprotection.com\/blog\/wp-json\/wp\/v2\/comments?post=150"}],"version-history":[{"count":1,"href":"http:\/\/www.caassetprotection.com\/blog\/wp-json\/wp\/v2\/posts\/150\/revisions"}],"predecessor-version":[{"id":634,"href":"http:\/\/www.caassetprotection.com\/blog\/wp-json\/wp\/v2\/posts\/150\/revisions\/634"}],"wp:attachment":[{"href":"http:\/\/www.caassetprotection.com\/blog\/wp-json\/wp\/v2\/media?parent=150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.caassetprotection.com\/blog\/wp-json\/wp\/v2\/categories?post=150"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.caassetprotection.com\/blog\/wp-json\/wp\/v2\/tags?post=150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}