November 2021 Issue: How Financial Planners can Work with Clients with Dementia and Memory Loss-How Financial Planners can Work with Clients with Dementia and Memory Loss by Christine Moriarty

How Financial Planners can Work with Clients with Dementia and Memory Loss by Christine Moriarty

Pdf Summary

In this article, the author emphasizes the importance of financial planning for clients with dementia and memory loss. The author highlights that dementia can affect people of all ages, wealth levels, and health statuses, and that the costs of caring for a dementia patient can be high. Acting early is crucial to protect assets from fraud and poor decision-making. The author suggests that financial advisors may notice signs of decline before others and should not assume that the family is aware of the severity of the problem. It is important for advisors to have conversations with their clients about protecting them from loss and to create a game plan in case of memory issues. This may include identifying trusted individuals to contact, requiring third-party permission for large withdrawals, and reviewing and updating estate planning documents. The author also advises advisors to monitor, prevent, and protect clients from financial loss by providing oversight and reviewing clients' financial statements and bills. Other risks such as phone scammers, fraudulent mailings, and social media scams should be addressed with clients to prevent financial loss. The author concludes by emphasizing that preventing fraud and financial losses is just as critical as building investments and urges advisors to educate themselves to be better trusted advisors.

Keywords

financial planning

dementia

memory loss

asset protection

fraud prevention

game plan

trusted individuals

estate planning

financial statements

preventing financial loss