Month: May 2018

The Impact of Alzheimers

Many of us are starting to notice that our elderly parents are experiencing memory loss which can affect their ability to make sound decisions about their personal finances. But like most, we are prone to making the mistake of waiting too long to act.

The consequences of avoiding discussing these problems can be dire. An elderly parent’s accounts can be closed, credit can be damaged, money can be lost to scam artists and worst of all, their homes could face foreclosure.

There are some steps you can take to avoid financial abuse in elderly dementia or Alzheimer’s sufferers.

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Ten Tips to Help You Reduce the Risk of Financial Elder Abuse

1. Choose a caregiver with caution
Do not assume that by hiring a caregiver through a bonded agency you are guaranteed to get someone who has been checked. There is no current law requiring mandatory background checks for in-home caregivers in California

2. Keep an inventory of all jewelry
Jewelry is the number one item that is stolen from homes occupied by elders. Not only should your jewelry be kept in a locked drawer, you should have photographs of rare, valuable, or sentimental items in a separate location. In the event of theft, such photographic evidence will be useful in tracking down the missing jewelry at a pawn shop.

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What is the Difference between a Will, Living Will and a Living Trust?

A Will is a legal document that describes how your assets should be distributed in the event of death. The actual distribution, however, is controlled by a judge in a legal process called probate.

Upon your death, the Will becomes a public document available for inspection by all comers. Once your Will enters the probate process, it’s no longer controlled by your family, it is now controlled by the court and probate attorneys. Probate can be cumbersome, time-consuming, expensive, and emotionally traumatic during a family’s time of grief and vulnerability. Con artists and others with less-than-pure
financial motives have been known to use their knowledge about the contents of a Will to prey on survivors.

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