This column discusses the difficult issues that a family can face when a loved one with Alzheimer’s starts to become reckless with their spending. In this instance a person was concerned that his brother who had early-onset Alzheimer’s was going to end up giving away all of his money. This column suggests that it is a good idea for a concerned person to convince their loved one with Alzheimer’s to give them a durable power of attorney over their finances. This can be a difficult subject to discuss with a person because many people will be resistant to the idea of giving up control over their own finances. It is important to be persistent in trying to convince that family member that a durable power of attorney over their finances will be in their best interest.
See Dana Territo, Alzheimer’s Q&A: How can I prevent a loved one with Alzheimer’s from giving away money?, The Advocate, January 10, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
