Alzheimer’s is the sixth leading cause of death. It is a progressive neurodegenerative brain disease leading to cognitive decline and dementia. When President Ronald Reagan contracted it, his wife Nancy called it the long goodbye.
Alzheimer’s Diminishes Ability to Manage Finances
Someone with Alzheimer’s could be experiencing mild to moderate symptoms for years. They are usually not diagnosed until it becomes obvious. But even in the early stages, this brain disorder can diminish the ability to manage money.The result is damage to the victim’s finances.
Early-stage Alzheimer’s victims are at risk of losing their liquid assets and net worth. Nefarious individuals may be able to take advantage of people with Alzheimer’s.
Unopened or Unpaid Bills
Many people with Alzheimer’s forget to pay bills. They may not even bother to open them. This can result in late fees, overdue notices, and disruptions in utilities.Difficulty With Basic Financial Tasks
Alzheimer’s affects memory, but in the early stages, it affects reasoning and performing financial tasks. A victim may have difficulty with basic math. They may not be able to understand bank statements or managing a checkbook.Giving Money Away
Giving money or possessions away could be a sign of Alzheimer’s. This is especially true if this is out of character. Often, the victim will give away more than they can afford without thinking about the consequences.
Misplacing Money and Financial Items
Losing money is another sign. There may be unusual charges on their bank statements. Large ATM withdrawals or money disappearing from their accounts could also be a sign. This is especially true if they can’t explain where the money went.Susceptible to Scams
Those in the early stages of Alzheimer’s are susceptible to scams. One in five Americans 65 or older have been abused financially. When you consider one in 10 individuals over 65 develop Alzheimer’s, these victims are prime targets.Scam artists pursue unknowing affected individuals through phone calls, junk mail and emails.
Helping Manage Finances
Many people with Alzheimer’s will resist help, especially in the early stages. Start a conversation about the importance of budgeting monthly.Help your loved one set up automated bill payments. Utilities, mortgage, rent, and any other expenses could be automatically deducted from the bank account. The result is that bills are paid on time.
Submit a request from creditors for electronic statements. Since excessive spending is a sign, you can prevent it by monitoring their financial transactions. Review bank statements and credit card activity regularly. Note any unusual activity.
Suggest spending limits and offer to manage the loved ones’ finances.
But don’t take everything away. For example, if you notice an increase in online buying, set aside a limited dollar amount for that activity. You could also reduce the spending limit on credit cards.
By doing this, you let the victim maintain some financial independence while protecting them from themselves.
Since victims often lose wallets or credit cards, help them find a place in the house to keep them. Stress that these items always go to the same location.
Avoid Financial Abuse
If you notice your loved one withdrawing money from an ATM when they haven’t in the past, become suspicious. Why the sudden behavior change? Ask to see their card to ensure they have it. Question what the withdrawals are for. If they can’t remember, try to remove the card.If your loved one suddenly has a “best friend” who takes them to the bank, it’s time to interfere. This person could be taking advantage of the person with Alzheimer’s.
Also, if your loved one suddenly changes banks, and the services are more complicated than what they previously had, this could be a warning sign that someone else is involved.
Your loved one may have been scammed if you notice wire transfers or Zelle transfers to unknown accounts.
Checks written as “loans” or “gifts” also may signal a problem.
A compromised victim may suddenly change their will or trust.
Alzheimer’s Victimizes Early
The early stage of Alzheimer’s is deceptive. It can wreak havoc on an individual’s finances. Be vigilant. This is especially true if another family member has or had Alzheimer’s. A person who has a relative with Alzheimer’s is 30 percent more likely to contract the disease.If you need assistance, you can call the Alzheimer’s Association helpline at 1-800-272-3900.
