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.

When It’s Time for a Daily Money Manager

Two of the most frequent reasons people turn to a daily money manager have to do with situations like these:

John, age 53, called his mother who lived in another State. During the call, his mother complained that she’d received a bill from her neighborhood urgent care facility for $5,500 for a single wrist x-ray. She said not to worry, her wrist wasn’t broken, just a sprain, and she’d already written them a check for the X-ray. John was speechless.

Paula, a highly successful art auctioneer and antique dealer, traveled the world to satisfy her clients’ tastes for fine collectibles. Every year, Pauls made a maximum contribution to her SEP-IRA. Last year, due to an exceptionally busy year and hectic schedule, she remembered to make the deposit, but forgot to invest the money. It sat in cash for over a year losing potential profits.

Adult children of aging parents like John need daily money management solutions for peace of mind for themselves as well as their elders. With age, older people living independently become forgetful and distracted with health issues. Managing monthly bills and sorting through bank statements, investments, and medical insurance forms becomes more difficult. The adult children worry about their parents’ financial decline, but are hesitant to get involved. Their own lives are busy, they live far away, or they just don’t want to face the fact that their their parents can no longer maintain autonomy and control over their own lives.

workEntrepreneurs like Paula need help to manage their daily money matters and investment accounts. Usually working longer than 8-hour days, traveling extensively, having multiple investment accounts, often owning multiple properties, these busy business owners have little time to tend to their personal financial matters.

If either of these scenarios hit home with you or with someone you know, please consider a complimentary review with us at DL Money Matters. We can help you decide whether it’s time for a daily money manager in your life, or in the life of someone you love.

Daily Money Management—It May Be More Beneficial Than You Realize

Friends and associates often ask us “what exactly is a daily money manager” and we’re always happy to explain that it’s a service that we offer to children of aging parents, family trusts, busy executives and entrepreneurs, as well as accountants or attorneys who are too busy or simply unable to handle their day-to-day finances.

Diana Louiso is a recognized member of the American Association of Daily Money Managers (AADMM) as well as a Certified Senior Advisor. AADMM is a membership organization of individuals who provide daily money management services to their clients using the high standards as promoted by the AADMM.

old man at sunsetTo truly understand the benefits of the service for aging adults and their families, we encourage you to read the heartbreaking story of one man, named Bob, in his late 80s, living in an independent senior living facility, as published on the AADMM website. It’s an eye-opener.

Here’s the article.

If after reading this, you have questions, please call our office at (513) 322-1036 and feel free to share with someone you know that may benefit from reading the article.