Know The Early Signs of Alzheimer's - And How to Proactively Protect Your Finances
Michael Baum, CFP® RICP®
Vice President & Associate Financial Advisor
Alzheimer’s disease affects nearly 7 million Americans today and that number is projected to double over the next 40 years. The impact on those affected by the disease and on their families is, of course, immense and multifaceted. The impacts on health and lifestyle are the most important and obvious. But the financial impacts are another big source of struggle that can greatly increase stress at an already difficult time, especially for those who didn’t have financial protection strategies in place ahead of time.
Know The 10 Signs of Alzheimer’s
Cusato says there are 10 common signs that indicate you or a loved one may be suffering from early Alzheimer’s disease. They are:
- Memory loss that disrupts daily life
- Challenges in planning or solving problems
- Difficulty completing familiar tasks
- Confusion with time or place
- Trouble understanding visual images and spatial relationships
- New problems with words in speaking or writing
- Misplacing things and losing the ability to retrace steps
- Decreased or poor judgment
- Withdrawal from work or social activities
- Changes in mood and personality
"If you notice several of these signs in yourself or a loved one, it's important to see a doctor for an evaluation," Cusato advises. "Early diagnosis allows for better planning and care."
If You Suspect Alzheimer’s, Don’t Delay Testing – Recent Advances Mean Early Treatment Could Make All The Difference
Cusato notes that there have been several significant advances in the early detection and treatment of Alzheimer’s recently, and that further advances in research are happening at a much more rapid pace than in previous decades – which means that early diagnosis truly does make a big difference.
“More and more research is showing that the earlier Alzheimer’s can be detected, the better it will likely respond to treatment and lifestyle changes,” she says. “On top of that, new drug therapies have been made available in just the last couple of years that could help to substantially slow the advancement of Alzheimer’s disease symptoms, giving people more months and even years to enjoy life and make new memories with their loved ones. But that can only happen if they get diagnosed in the first place.”
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When It Comes to Finances, Proactive Planning With These Key Strategies Is Crucial
Memory loss can leave individuals vulnerable to financial mistakes or even exploitation – in fact, difficulty with finances is a common early sign that someone’s memory or thinking may be suffering. That's why it's crucial to put protections in place for your assets before any signs of decline emerge.
"Many people don't realize how significantly memory loss can impact one's finances," Cusato says. "Someone experiencing cognitive decline may forget to pay bills, make unwise purchases, or fall victim to scams."
From a financial perspective, there are several steps you can take now to safeguard your assets:
- Establish a durable power of attorney. This legal document authorizes someone you trust to manage your finances if you become incapacitated. Choose this person carefully and make sure they understand your wishes.
- Set up a revocable living trust. This can provide for management of your assets if you become unable to do so yourself. You maintain control of the trust while you're able, but a successor trustee can step in if needed.
- Simplify your finances. Consolidate accounts where possible and set up automatic bill payments to reduce the chance of missed payments.
- Review and update beneficiary designations. Make sure all your accounts and policies have current beneficiaries listed.
- Document your wishes. Create a letter of instruction detailing your preferences for financial decisions and listing the location of important documents.
- Consider long-term care insurance. This can help cover costs of care if needed, protecting your other assets.
- Communicate with family. Have open discussions with loved ones about your wishes and plans.
The key is to be proactive. By putting these protections in place early, you maintain control over your finances and legacy, even if cognitive issues arise later. It’s not something that anyone wants to think about, but as someone who has helped many clients put these protections in place, I can’t stress enough the difference it makes if they’re diagnosed with Alzheimer’s or any other debilitating disease in the future.
On the flip side, I’ve also worked with people who seek out financial planning strategies after the diagnosis has occurred, and it’s heartbreaking when they learn their options are limited.
Lastly, Know The Resources Available To You
If you suspect that you or a loved one might be suffering from cognitive impairment or early Alzheimer’s disease, schedule an evaluation as soon as possible. The Alzheimer’s Association provides a 24-hour helpline at (800) 272-3900 where you can get connected to care consultation, support services, and more.
If you don’t yet have a financial strategy in place to protect your assets in case of a serious illness like Alzheimer’s, work with a trusted financial advisor as soon as possible to get one in place.
At WHZ Strategic Wealth Advisors, we work with all our clients to ensure these protections are in place as part of an overall holistic and strategic financial plan. It’s a crucial part of the commitment we make to each and every one of our clients to provide “Absolute Confidence. Unwavering Partnership. For Life.” Visit our website at whzwealth.com to schedule your complimentary consultation or give us a call at (860) 928-2341.
Authored by Vice President, Associate Financial Advisor, Michael Baum, CFP® RICP®. Securities and advisory services are offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. These materials are general in nature and do not address your specific situation. For your specific investment needs, please discuss your individual circumstances with your representative. WHZ Strategic Wealth Advisors does not provide tax or legal advice, and nothing in the accompanying pages should be construed as specific tax or legal advice. 697 Pomfret Street, Pomfret Center, CT 06259 and 392-A Merrow Road, Tolland, CT 06084. 860-928-2341. www.whzwealth.com.
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