Plan Today for Peace of Mind Tomorrow
"Dad was always the money manager in our house, and mom was content with that situation for their whole married life. But as they got older, I noticed that dad was asking me more questions about his bank statement than ever before; and that led to the realization the he was losing the ability to balance the checkbook. Soon I noticed that he had given up trying, and would just enter the balance from the monthly bank statement in the checkbook."
Sound familiar? Are you seeing signs that a parent is having trouble managing financial issues? This could be an early sign of Alzheimer's Disease or other form of dementia. Many seniors who find themselves in this situation lose all track of what they're spending and how much they actually have. They become even more vulnerable to scams and financial predators.
A federally funded study has indicated that seniors with a diagnosis of
early-stage Alzheimer's scored significantly below healthy seniors on such tasks
as understanding a bank statement, or verifying correct change from a cash purchase. They were also less able to explain the risks of mail and telephone solicitations. And when it gets to this stage, it may already be too late to make adequate plans to protect finances and family.
This underscores the importance of putting a comprehensive financial plan in place while you're still healthy and able to make informed decisions. Durable financial powers of attorney for finances and health care will allow a spouse or other trusted individuals to make decisions about finances and medical care if needed. A revocable living trust can bring the peace of mind that comes with knowing there's a plan in place that will provide not only for the person involved, but for spouse and family as well. A trust can also provide for an incapacitated spouse in case the 'well' partner dies first.
Financial planning becomes even more important when one spouse is diagnosed with a progressive condition like Alzheimer's. The cost of care becomes increasingly more expensive, and has the potential to go on for years.
Covenant Trust Company® has the resources to help you or a family member be prepared if this difficult situation arises. We can help with powers of attorney for both finances and health care. Having Covenant Trust serve as trustee or a revocable living trust can streamline financial management in unexpected situations. An investment management agreement provides the benefit of professional asset management if that meets your need.
Don't wait until it's too late. Contact your local Financial Services Representative today [view Directory] to see how Covenant Trust can help give your family some peace of mind.