Friday, February 25, 2011
One of the early signs of dementia is the inability to understand simple financial concepts, such as how bank statements or bill payments work. Within a year, patients lose more basic skills, such as paying with cash and counting coins.
Financial planners, who sometimes work closely with clients for many years, may be the first to notice worrisome developments. As soon as these signs show up, families need to start planning for the incapacity of the clients and make sure the proper documents are in place. If families wait too long, the client may not be able to be involved in the decision-making, and families will have to resolve things in court.
See Temma Ehrenfeld, How Can Advisors Help Patients Diagnosed with Dementia?, Financial Planning, Feb. 18, 2011.
Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.