A USA Today article on February 13, 2013 dealt with this very issue. See “Memory Issues Can Wreck Your Finances If You Don’t Plan Ahead.” Individuals with MCI, mild cognitive impairment, affecting 20% of Americans over the age of 70, may leave the individual vulnerable to financial abuse or financial mismanagement, both possibly having a devastating affect on their finances. The article gave guidelines on how to prepare for memory loss. 1. Develop a support team. This means an individual(s) that takes care of the person’s needs and another to take care of finances. 2. Prepare documents. This will include estate planning documents. The power of attorney is a vital document to assist those with memory issues. It permits the person that assists the individual sign on his or her behalf once the individual is unable to handle some matters themselves. 3. Simplify investments. This can be done by either delegating investments to a trusted adviser or change portfolio to less-complex investments.
posted on February 22, 2013
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