Financial Troubles for Alzheimer’s Patients

The film “Still Alice” portrays a happily married woman with three children and who is a renowned linguistics professor. When Alice begins to forget words, a devastating diagnosis reveals she has Alzheimer’s.  Alice, played by Julianne Moore, struggles with the disease as she never knows what will vanish from her memory and when.

This movie is a great vessel to explore many of the financial issues that families must address when someone is diagnosed with Alzheimer’s or any other disease that causes cognitive impairment.  Fortunately for Alice, both she and her husband are affluent and can afford specialized treatments.  Yet, many other families are not so lucky. 

With a client who seems to be slipping but lives alone and sees family members infrequently, financial advisors suggest arranging family meetings.  Other times, just asking how a client is doing brings the problem out in the open.  “Sometimes when you bring this up with clients, it’s a relief to them.” 

Once the family enters the picture, legal documents can be tended to and the family’s ability to manage Alzheimer’s care can be assessed.  Furthermore, it is important to have an up-to-date estate plan with a durable power of attorney and relevant health care documents.

See Paul Sullivan, In Alzheimer’s Cases, Financial Ruin and Abuse Are Always Lurking, The New York Times, Jan. 30, 2015.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.