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SENIOR LIVING
4 Financial Steps to Take Today When Dealing with Alzheimer’s
If a person close to you has been diagnosed with Alzheimer’s disease, it may be time to address some serious
financial uestions. ue to the debilitating nature of Alheimers and related forms of dementia on your loved
ones ability to make sound financial decisions, the sooner you can get financial matters in order the better.
HERE ARE FOUR IMPORTANT STEPS TO TAKE:
#1 – LOOK FOR SIGNS OF UNUSUA
FINANCIAL ACTIVITY
Discrepancies involving money can often be among the
early signs of cognitive challenges for an individual. Red
flags may include difficulty paying a proper amount for an
item, leaving bills unpaid or making out-of-the-ordinary
purchases. If you observe signs of a loss in judgment related
to financial matters, additional action may be required.
#2 – IDENTIFY AND DESIGNATE
A POWER OF ATTORNEY
Many people are reluctant to hand control over of their
personal finances. It’s important to have an honest discussion
with your loved one and help them appreciate the importance
of having somebody in a position to look out for their interests.
Most important is to identify somebody who can be considered
a trusted surrogate to help manage day-to-day money
matters when that becomes necessary. An individual should
be designated as financial power-of-attorney, authorized to
sign checks, pay bills and help keep an eye on the affected
person’s finances. The person designated with power-of-attorney
can ease into the role, only assuming full control when
it becomes absolutely necessary as the person receiving the
diagnosis loses capacity to make rational decisions.
#3 – MAKE SURE PROPER DOCUMENTATION
IS IN PLACE
An individual needs to be considered competent to complete
or update legal paperwork such as wills, trusts and other
estate planning documents. This should include an advanced
health care directive that will indicate the levels of care that
should be followed if health deteriorates. Also check beneficiary
designations on any retirement and financial accounts
as well as life insurance policies. With all relevant documentation,
be sure the information and named beneficiaries are
up-to-date and that proper processes are followed. Check
with an estate planning attorney for help.
#4 – ASSESS COSTS OF CARE AND
HOW IT WILL BE COVERED
A top priority is to determine a strategy for how your loved
one will be cared for, particularly if their cognitive abilities
should deteriorate over time. Will specialized care be
required, either in the home or in a nursing or assisted living
facility? If so, are there resources or long-term care insurance
policies in place to help deal with those costs This will
greatly affect any decisions on a care strategy. Talk to an
elder law attorney about trusts that can be established to provide
for care for the disabled individual while still protecting
the family’s assets.
BE PROACTIVE IN YOUR APPROACH
Waiting too long to address financial considerations after
an Alzheimer’s diagnosis can compound an already stressful
and emotional time. Take steps to get on top of the situation
as soon as you are aware that it could be a problem. Even
establishing a plan for addressing these issues before a form
of dementia is firmly diagnosed makes sense. Consult with
your financial advisor for guidance on how to manage these
challenging times.
Ellie Stubbs is a Financial Advisor with Ameriprise Financial
Services, LLC in Barre, VT. She specializes in fee-based
financial planning and asset management strategies and has
been in practice for 18 years. To contact her, ameripriseadvisors.com/ellie.stubbs,
(802) 622-8060, 14 North Main
Street, Suite 2001, Barre, VT 05641.
Investment advisory products and services are made
available through Ameriprise Financial Services, LLC, a
registered investment adviser.
Ameriprise Financial Services, LLC. Member FINRA and
SIPC.
© 2021 Ameriprise Financial, Inc. All rights reserved.
Prevent Memory Loss
While we can’t slow down the aging process, there are ways to
protect one of our bodys most valuable assets the memory.
The ational Center for Biotech-nology
Information reports that about 40% of people
ages 65 and older in the United States have
age-associated memory impairment.
or a perspective on why it’s important to
address memory loss issues as soon as they
are noticed, the organization shows startling
statistics about the people who are suffering.
Of the 40% with memory impairment:
• One percent will progress into dementia
each year.
Ten percent are diagnosed with mild cognitive
impairment.
early percent will develop Alzheimer’s
disease annually.
In addition to a strategy set forth by your
doctor, use these tips from the Harvard
Medical School to help preserve and improve
your memory as you age.
ACTIVE LEARNING
Task your mind by performing mental
exercises by participating in new hobbies,
learning different languages and reading
books of differing genres. While at work,
volunteer for projects or roles that involve
skills you aren’t entirely familiar with.
Keep your brain active by partaking in
challenging activities that enable you to
learn new abilities.
PROTECT OVERALL HEALTH
It will be difficult to improve your memory
if your body is suffering from untreated
diseases or illnesses. Many issues associated
with aging can have detrimental effects on
your cognitive ability like:
• Diabetes: Surges in blood sugar have been
shown to harm memory by reducing blood
supply to the brain;
Blood pressure Memory lapses are commonly
caused by the reduced blood supply to
the brain; and
• Depression: Cognitive problems are a common
symptom of depression.
MEMORY COURSES
Under the supervision of a medical expert,
partake in memory-improvement courses. A
good practice is to avoid classes that focus
on computer or concentration games, as reallife
situations can be dramatically different.
Talk to your doctor about finding a course
that enhances your ability to manage everyday
challenges.
DON’T OVERDO IT
When using repetition as a mental exercise,
it’s essential to space out your lessons
over time. If you try to rush and cram memory
practices into a short period, it’s common
for the brain to have difficulty studying.
Harvard suggests that research shows
spaced rehearsal improves recall in both
healthy people and those who struggle with
cognitive problems.
What matters most to you in life?
It’s a big question. But it’s just one of many questions I’ll ask
to better understand you, your goals and your dreams. All to
Ellie Tobin Stubbs
Financial Advisor
802.622.8060
14 North Main St, Suite 2001
Barre, VT 05641
Ellie.Stubbs@ampf.com
ameripriseadvisors.com/ellie.stubbs
AR license #3762524
Ameriprise Financial Services, LLC. Member FINRA and SIPC.
© 2021 Ameriprise Financial, Inc. All rights reserved. (03/21)
August 11, 2021 The WORLD page 15