Dementia is a slow decline of cognitive ability, more commonly found
among the aging population. According to
the Alzheimer’s Association, more than 5 million Americans today have
Alzheimer’s disease, the most common form of dementia. Thus, it’s likely that you or someone you
know has a loved one living with dementia.
When an individual develops dementia, his or her ability to make wise
decisions declines. If this decline goes
unnoticed, and the person continues making legal and financial decisions, the
results can be disastrous. So how can
you tell if your aging loved one is developing dementia, and when should you
step in? A recent Forbes article titled “Aging Parents, Dementia And Financial
Decisions: What Is Safe?” chronicles the story of one family against
the backdrop of dementia.
The process of diagnosing dementia can be challenging; therefore, it is
essential that family members be consistently involved, understanding, and
concerned. The Forbes article paints a perfect picture of this. Mara, a concerned daughter, detected signs of
impairment when it came to her aging mother’s financial decision-making. She enlisted the help of a doctor, and was
allowed to step in before her mother lost the family business and her estate
due to poor decisions.
Although Mara was able to save
her mother’s estate in the end, she also had to endure gut-wrenching stress and
strain during the process. Proper planning
ahead of time can make managing the affairs of loved ones with dementia easier on
families. Be sure to take steps to
ensure that you, your loved ones, and your assets are protected.