Tag: Culture

Financial Planning in the Shadow of Dementia

Alzheimer’s, the most common form of dementia, is an epidemic. More than 5 million Americans are living with Alzheimer’s. It’s irreversible and fatal although some may linger for up to 20 years. And the number is expected to soar.

The Alzheimer’s Association has created a list of the 10 warning signs. These range from memory loss, through confusion to severe mood changes.

Because of the widespread nature of this disease, for people with Alzheimer’s and their families there are a number of things that should be done. Plans should be in place well before the onset of the symptoms.

• Review your insurance policies, especially your Long Term Care policies.
• Talk with your family and your financial advisor to make your wishes known.
• Review your wills and trusts.
• Appoint an advocate who has the legal authority to act on your behalf.
• Make sure you have provided for an appropriate Power of Attorney.

Research shows that declining financial skills is one of the first symptoms of the early stages of Alzheimer’s. This includes anything from difficulty in balancing a checkbook to being victimized by criminals who prey on the elderly. This usually leaves family members to take responsibility for the individual’s finances.

In some cases, people assume these responsibilities without having experience handling money or dealing with financial issues. This is the time to bring in a trusted financial advisor. We can provide practical guidance on both day-to-day and long-term financial decisions.

For a report on this subject, contact Korving & Company – the Financial Planning and Investment Management experts.

What would you like to know about your grandparents? What would you like your grandchildren to know about you?

How many of us really know our deceased grandparents or even our deceased parents?  Do we know what they really stood for, their key life stories, lessons or values?

How many of us have loved ones pass away only to later wish we had asked them some provocative questions – question that would have helped us know them better and appreciate what they went through?  What could we have learned?

The problem is that family dynamics are a barrier to this level of communication.  Who asks their parents and grandparents these questions of an intensely personal nature and how many parents want to reveal themselves to their children, warts and all?

A facilitator can help make this communication possible.  One such facilitator can actually be the family’s financial advisor.

We are developing a workshop to make this possible.  In the meantime, one place to communicate this kind of information to your children and grandchildren is our book BEFORE I GO.

You may know someone who is dealing with this same issue. If you think it will  help, feel free to forward this email, and let me know if you have questions  about a specific situation

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