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One of the most challenging challenges facing senior loved ones is dementia. Alzheimer's disease and other memory-related conditions leave victims vulnerable to financial abuse.
The loss of executive functioning skills, which are critical for money management, is one of the early signs of cognitive decline. If you suspect that a loved one has dementia, you should get them financial control before the disease progresses.
Getting help from a certified financial planner can be a great first step. He or she will guide you through ways to simplify your parent's portfolio and set aside money for long-term care needs.
A third-party professional can be a reassuring force for an impaired person. They can reassure them of the importance of planning. Also, they can make sure that bills are paid on time.
Financial scams are a serious crime in the 21st century. Elderly Americans lose $36 billion a year due to financial exploitation. Many families find it useful to hire a financial advisor.
Financial institutions face a tricky situation when dealing with a dementia patient. They may not see red flags in time. However, keeping a close eye on your finances can catch any unusual outflows.
You should set up a lasting power of attorney. This will let a trusted individual act as your parent's attorney. dementia gps tracker It can also be a good idea to have your parent's phone number added to the National Do Not Call Registry.
The FBI has launched a campaign to educate older adults about the risks. Several studies suggest that financial problems are a predictor of dementia.
Website: https://personalmedicalalarms.com.au/gps-locator/
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