Alzheimer’s & Power of Attorney

The number of Americans living with Alzheimer’s disease is on the rise. According to the Alzheimer’s Association report for 2019, an estimated 5.8 million Americans of all ages are living with Alzheimer’s and are being cared for by more than 16 million family members. Maybe one of those family members is you!

They project that in thirty years, the number of Alzheimer’s sufferers will reach nearly 14 million.

Children of aging parents who suspect a parent is in the early stages of Alzheimer’s, or have  a parent already diagnosed with the disease, should consider a Power of Attorney (POA).

A POA gives a family member the legal right to step in and make decisions that a parent with an Alzheimer’s or dementia diagnosis is unable to make themselves, or doesn’t want to. 

There are various, even urgent, situations when having a POA is extremely important. For instance, you may need to:

  • Find a trusted money manager to handle day-to-day bill paying and the daily money management of bills, medical and insurance statements, tax preparation, and other personal financial tasks.
  • Act as family spokesperson regarding medical appointments, surgery, and doctor appointments.
  • Take care of things at home if your parents or loved one is still healthy enough to travel in retirement, or at any time they are away from their home.

We hope you will consider us if Daily Money Management is a concern. We are experienced, trusted, and a member of AADMM, the American Association of Daily Money Managers.

Senior Scams In a Modern World

Baby Boomers are getting older and smarter everyday. Those born in the years following World War II represent about 23% of today’s U.S. population—around 74 million Americans. Scammers love baby boomers! But you can outsmart them.

Newsweek once published an article entitled “Babies Mean Business” and they were right. As a group, Baby Boomers were wealthier, more active and more physically fit than any preceding generation; they were the first to grow up genuinely expecting the world to improve with time.

The post-war economic boom did create endless opportunities for this young generation to have a well-paying job or open their own business. The problem today is that the crooks of the world know where the money is and are constantly cooking up scams to get at it.

NCOA is the National Council on Aging. Their goal is to improve the lives of older adults by providing information to make them smarter about the signs of elder abuse, live healthier lives, and have economic security—including money management. See their Top Ten list of scams targeting seniors in our modern world.

If you skip the link, at least read #10: The grandparent scam…

The grandparent scam is so simple and so devious because it uses one of older adults’ most reliable assets, their hearts.

Scammers will place a call to an older person and when the mark picks up, they will say something along the lines of: “Hi Grandma, do you know who this is?” When the unsuspecting grandparent guesses the name of the grandchild the scammer most sounds like, the scammer has established a fake identity without having done a lick of background research.

Once “in,” the fake grandchild will usually ask for money to solve some unexpected financial problem (overdue rent, payment for car repairs, etc.), to be paid via Western Union or MoneyGram, which don’t always require identification to collect. At the same time, the scam artist will beg the grandparent “please don’t tell my parents, they would kill me.”

While the sums from such a scam are likely to be in the hundreds, the very fact that no research is needed makes this a scam that can be perpetrated over and over at very little cost to the scammer.

We at DLMoneyMatters care deeply about seniors. Read why here. We provide daily money management for seniors, children of aging parents, family trusts, executives and entrepreneurs, and attorneys and accountants who outsource these services. Call us for a personal quote. (513) 322-1036.

What is a Daily Money Manager in 2019?

Daily money managers are financial professionals who deliver essential financial services to seniors and older adults, people with disabilities, busy professionals, high net worth individuals, and sometimes to small business owners.

In 2019, the services of a daily money manager is in high demand, largely due to a the growing elderly population and that families are more geographically separated than ever before. Even families living in the same city are busier with dual-income spouses and the trend toward organized sports and play for children.

With both parents working, there is often not enough time to visit elderly parents to ensure that documents are properly signed or bill payments are processed on time. 

Wealthy people either don’t care to spend time with menial money tasks, or they prefer to spend their time traveling or being involved in their communities.

So what does a daily money manager do? They check bills for accuracy and make payments on time, balance checkbooks, make bank deposits, ready paperwork for taxes, and ensure that medical bills are processed and paid correctly. While some perform these tasks at the client’s home or office, it’s more likely that it’s all done securely online from the DMM’s offices.

Since the formation of the trade organization, the American Association of Daily Money Managers (DLMoneyMatters is a member), the emphasis is on ethics, information, and education for both daily money management professionals, like us, and the public.

To learn more about daily money management, visit AADMM . And of course, we’re always happy to answer any questions you may have at (513) 322-1036.