Alzheimer's and Finances

An article published in USA Today reports, "People who are in the early stages of Alzheimer's disease show rapid decline in their ability to manage their financial affairs."

Alzheimer's patients suffer from confusion and memory loss and lose their ability to manage their day to day affairs. Often this is one of the first signs noticed by family and friends.

Researchers gave early Alzheimer patients everyday financial tasks and found that they had some difficulty filling out checks or preparing a bill for the mail. One year later, these same adults showed even more decline in their ability to manage their finances.

Many Alzheimer's patients become the victim of fraud schemes by phone or by mail. I have seen several patients in recent months who have sent money to complete strangers after being told over the phone that they have won a sweepstakes or some other prize. The money is never recovered and this type of fraud is becoming more and more commonplace.

This research highlights the importance of being diagnosed in the early stages of dementia so you can still make decisions about your future. Early stage patients should make an appointment with a lawyer to outline how they want their affairs handled while they still can. Documents such as a Durable Power of Attorney allow family members to take over the management of a person's affairs when their disease renders them incapable of managing on their own.