Financial Decline in Senior Loved Ones

As Americans age they may suffer from dementia or there may be some level of memory impairment and we’re seeing an increasing number in that. And so it’s sad to see, but a lot of them are still maybe handling their own finances and they may be completely on their own in doing so. And so that’s where we encourage you to be proactive with your planning. Prepare for the possible event where you lose some cognitive capacity. And so that’s where a few different steps that you could take. First maybe it’s talking to an Estate Planning Attorney about what do I need to put into place? And that’s where like a Power of Attorney for your financial situation as well as then there’s a separate one for your healthcare and everything. But from the financial side, trying to think of maybe who’s an individual that you could trust in handling your finances, assisting you when it comes to that time. And if you don’t have a family member or a close friend or anyone that you could count on, you know talk to the Attorneys. There’s different businesses out there that would be able to act as a Fiduciary, ultimately looking out for your best interest and following along with what you’ve been doing from a financial standpoint. And there’s a lot to be thinking about with that. And who would be the right fit? Who could take on that role for you? I’ve had an experience many over the 18 years here at Centennial Wealth Advisory where thankfully a lot of times the individual or couple that I might be working with will share with me as we built a good, long, trusting relationship and letting us know that hey, the Doctors shared with me that slowly my memory is not quite what it used to be. And so making your Financial Advisor aware of that or other that you work closely with is going to be important. So that way then you can if potentially in a scenario where one individual ends up with losing memory and it always seems to be the one that handles the primary amount of the finances, then the spouse may be stepping in. And then we’re making sure there’s a lot more group conversations when talking about things. And making sure then to continue with your overall plan. And hopefully your Financial Advisor would be recognizing when all of a sudden you’ve been say, a more conservative investor and you get that phone call saying oh, I want to sell everything and go really aggressive. Wait, now hold on now. Let’s talk through that and better understand sort of what the reason is behind that and making sure that again it follows what you’ve built over the years. So speaking of risk, normally in the later years, that’s when you want to slow down a bit and maybe not be as aggressive as you were. And so that’s where again, sharing if you’re having any memory issues and you’re working along side a Financial Advisor, an Accountant, Estate Planning Attorney, whoever it may be, making them aware of some of those changes so that in your memory and cognitive abilities then that’s important to share with them. The other thing that we’ve done before is encourage like a family meeting. Where maybe it’s bringing in a child or multiple children to have a good, open conversation about everything that’s going on with your memory and how they could be of assistance and how we could ultimately work together as a team. And of course, there’s going to be different rules that have to be followed within that. But that can be a helpful way to go. And those health issues could ultimately lead to different long-term care. And what that looks like and that’s helpful again for your Financial Advisor to be aware of that possibility and so they can again help prepare, help get a plan put together and get the Attorney involved at the appropriate time. So if you’re in a spot where potentially you’re starting to notice some changes in your memory impairment and I would encourage you to talk to someone. Here at Centennial Wealth Advisory, we would welcome the opportunity to sit down with you and your loved ones and again overview of your overall retirement plan and make sure that you’re on the right track and ultimately everyone is working well to help you plan to retire well.