Share this to:

Support & Insight for the Autumn of Life

10 Tips on Money & Dementia

U.S. one dollar bill

MONEY is a tough topic when living with dementia. Protecting, organizing and talking about it is critical for people with dementia, as well as their families and caregivers.
Learn 10 money management tips for people living with a dementia such as Alzheimer’s.


Top tips for a person with dementia

1. Discuss money management with your family. Money can be a difficult subject to talk about but it’s important you plan how you want your finances to be managed if you became unable to look after it yourself.

2. Make sure that all important papers are in order and that you know where to find them. These might include bank statements, mortgage documents, insurance policies, a will, tax and pension details and bills or guarantees.

3. If you have financial assets, such as property or savings, you can set up a trust. This ensures that the assets are managed in a way that you choose, both now and in the future. There are a number of different kinds of trusts and ways of arranging them.

4. Set up a lasting power of attorney (LPA). This enables you to choose someone you trust to make decisions on your behalf about things such as paying bills and collecting income when you no longer want to make those decisions. It’s important you set up an LPA early so that you can give your full and informed consent.

5. Speak to the local bank manager. The discussion can look at extra support that may be available as your condition progresses and ways of managing money e.g. using a signature card instead of a PIN number.

Top tips for caregivers managing the money of a person with dementia

1. Make sure your loved one is receiving all the benefits to which they are entitled. Contact your local government office or Alzheimer’s & dementia not-for-profit to find out exactly what should be being received. As a carer, you may also be entitled to benefits such as Carer’s allowance.

2. For some, a joint account may be a useful way of managing finances in the early stages of dementia. However, most joint bank accounts are set up to operate only when both parties have capacity to use it. If a bank knows that someone is acting as a lasting power of attorney, they will usually want a separate bank account for that person.

3. Separating your account when it comes to paying for care it is also advisable. This is because a local authority ought to be means testing the person who is in receipt of the service (e.g. home care or residential care), and no one else.

4. Protect your loved one’s finances by stopping junk mail and unwanted telephone calls by signing up to your region’s mailing and telephone preference services. Put a ‘no cold callers’ sign on the door. These can be obtained from the local trading standards department and will help prevent door-to-door salesmen from visiting.

5. Speak to your local Alzheimer’s & dementia support organization about attending financial workshops. It is important to get educated on how to deal with everyday life with dementia and how to plan for the future, including advice related to money management and finances.


SOURCE:
PRNewswire for Lloyds TSB

Subscribe
Notify of
guest

4 Comments
Inline Feedbacks
View all comments
Anonymous
Anonymous
November 15, 2015 3:14 pm

so if my husband had POA ,HIS SISTER IS SPENDING HER ,THERE MOTHERS MONEY HOW DO WE TAKE CARE OF THIS SITUATION,HIS MOTHER HAS NO CONSEPT OF MONEY ,BUT HER DAUGHTER TAKES HER TO THE BANK AND GETS WHAT SHE WANTS ,his sister lives with the mother and also gets a ssi check,she gambles it away .what to do ,we went to the bank to try and stop this but to no avil the bank did nothing even showing them POA papers

AlzWeekly.com
AlzWeekly.com
Reply to  Anonymous
November 15, 2015 7:05 pm

Sounds like you need to go to a lawyer who specializes in elder law.

For some insights to prepare you for a meeting with a lawyer about such issues, you might find our "Money/Legal" section helpful. Just click on the "Money/Legal" link in the "Dementia Guide" at the bottom of this or any page on the site.

m-mman
m-mman
Reply to  Anonymous
April 20, 2016 3:11 pm

If you believe that this is a form of elder abuse (it might be) then you should report it to the authorities.

Mary
Mary
September 3, 2018 10:04 am

My mother lives in a memory care facility in Georgia full time since November 2107. Can her monthly fee be used as a tax deduction? She still does file and generally gets a refund of 100 dollars last few years.
Thanks

B. Berger

B. Berger

Visit Our Pages On:

Welcome

This site was inspired by my Mom’s autoimmune dementia.

It is a place where we separate out the wheat from the chaffe, the important articles & videos from each week’s river of news. With a new post on Alzheimer’s or dementia appearing on the internet every 7 minutes, the site’s focus on the best information has been a help to many over the past 15 years. Thanks to our many subscribers for your supportive feedback.

The site is dedicated to all those preserving the dignity of the community of people living with dementia.

Peter Berger, Editor

Related

dementia
Dad Doesn't Remember Daughter, but Feels Love
Scott doesn't remember his daughter or his wife, but he does remember the love they share. Watch how his daughter Bai...
131222-Gatherin.jpeg
At Family Gatherings, Get to the Heart of Medical Histories
Doctors are encouraging people to take advantage of holiday gatherings with relatives to discuss family medical histo...
140511-hors.jpeg
Pet Therapy: Horses Ease Dementia's Symptoms
Researchers found that spending time with horses -- equine therapy -- eases Alzheimer's symptoms. Find out why.

Books

Amazon Books
4
0
Would love your thoughts, please comment.x
()
x
News to Get at the Truth

Subscribe To Our Weekly Newsletter

Enjoy thought-provoking videos & articles
News to Get at the Truth

Subscribe To Our Weekly Newsletter