There have been tons of stories about financial matters concerning senior citizens, usually focusing on retirement savings and budgets. This month Kiplinger’s Personal Finance magazine talks about a difficult situation facing many seniors–and their adult children: managing money when Alzheimer’s is involved.
In the Kiplinger’s story, Cameron Huddleston leads readers through the often emotionally charged steps of taking over management of a parent’s finances. Huddleston discusses warning signs, ways to bring up the subject when it’s time to make changes, and the importance of preserving dignity.
Things to keep in mind, Cameron says, include remembering that it is the disease, not you, that is taking away your parent’s independence and that if you don’t take action now, your loved one may end up sans funds later in life.
A sidebar to the informative piece explains different types of power of attorney as well as health-care proxies and living wills.