I read an article in this month's Smart Money magazine about the elderly and alzheimers disease. It mentioned how important it is for children to become involved in the finances of parents early before the disease progresses too far. Financial security as well as credit standing can be destroyed by those targeting the old folks.
Surprising to me were the following statistics..... one in eight of those over 65 have the disease and 43% of those over 85 have it. Although not stated we need to remember some of these include early stages. Women make up two thirds of those afflicted. Again they didn't mention women live longer than men so that is a factor I am sure.
Early signs to watch for are checkbook mistakes, unpaid bills, and disorganized files and drawers. Those should be the trigger for action from the kids. A good way was suggested to bring up the need for help. Tell the parents how they have to have help with yard work and other chores and this is one more chore to need help. Mention also how we all will need help eventually to ease into the tough subject.
Lots of us will have to deal with this heartbreaking subject if we don't already and the advice is good. We don't want our parents taken advantage of and their final years tainted by financial ruin. I hope when the time comes I will know early enough to ask for help or my sons will step in. It is not out of nosiness or greed, it is out of love.