Organizing Finances after an Alzheimer’s Diagnosis

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When an aging loved one is diagnosed with Alzheimer’s disease, you may be left feeling confused and overwhelmed. The first step is to be there for your aging loved one and to learn more about Alzheimer’s care. In the midst of a multitude of emotions, taking the necessary steps to make sure your aging parent or spouse is in safe hands is crucial.

Even as you’re making plans for 24/7 live-in care and looking at the long-term prognosis, you also need to consider how you’ll handle the finances. Now is the time to start putting financial plans in place to ensure that your loved one’s bills are paid on time, benefits claims are handled, investment decisions can be handled and the tax returns are addressed.

When someone is first diagnosed with Alzheimer’s, they usually still have periods of lucidity. This is why it’s so important to start putting these plans in place early. Take this time to start gathering their financial and legal documents.During good moments, talk with your parent or loved one about other accounts that you may not be aware of. The information you’re looking for includes:

  • Bank and brokerage accounts
  • Deeds and mortgages
  • Insurance policies
  • Credit accounts
  • Retirement summaries
  • Rental income information
  • Social Security details
  • Stocks and bonds

Most of this information is going to be in your loved one’s name, but you need a way to access the funds in order to pay bills, cover medical expenses and provide care for your loved one. You’re going to need medical and durable powers of attorney. Don’t start transferring funds to your name as this can seriously complicate things if you need to enlist the help of Medicare down the road. It’s also important to get information detailed in a will to avoid confusion and legal entanglements later. Finally, talk with your parent about a living will. You need to know what their wishes are in order to make the right decisions later.

We know that this is a lot to take in, however it is something that needs to be done to ensure quality of life and happiness for your aging loved one. Start working on the finances as soon as possible and we will take on the around-the-clock care responsibilities of your aging loved one. This will allow you to enjoy the time you have with your aging parent or spouse as a loving family member and not a caretaker.

For more information on the specialized and personalized services provided by the highly trained staff at Home Care Assistance, click here or call us at 972-468-6010. We are here for the long-term to help you through this process is any way that we can.