Approximately 5.4 million people in the United States are living with Alzheimer’s, an incurable disease that will soar to record heights within the upcoming years. With this disease, there can be a number of financial problems, including unpaid bills and giving away money to Internet scams. Dementia can knock a dedicated worker out of the workforce early, losing any extra income for retirement. The best way to avoid these problems is to take the proper steps when your mental ability is sound, so that you are able to protect yourself in the future. Accordingly, it is best to have a health-care power of attorney that names someone you trust to make your financial decisions. Because the costs of caring for a family member with dementia can often outlive the patient, it is best to plan ahead to avoid additional family hardship.
See Martha M. Hamilton, Facing Financial Reality When Early Dementia Is Diagnosed, Washington Post, October 28, 2016.
