Alzheimer's link to money problems and financial elder abuse
November 1, 2010
A report this week in The New York Times links Alzheimer's Disease with a decreasing ability to handle money, deal with credit, and make financial decisions. The article illustrates the sometimes devastating results when an elderly person forgets to pay bills and starts to lose the capacity to make financial decisions. For family members and paid professionals like lawyers and financial advisers, the challenge is to know when it's appropriate to suggest that the elderly person is no longer mentally competent, and to act in a way that's respectful and also protective of the individual.
It's a delicate situation, to be sure. But not acting could result in financial elder abuse: Strangers or unscrupulous family members wresting control of property, cleaning out bank accounts, and otherwise robbing an elderly person of his or her assets. Consumer Reports Money Adviser recently reported on the growing phenomenon, and suggested several steps for prevention. Check our report, "Preventing financial elder abuse."
SOURCE: The Consumer Reports Blog
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