The MIT AgeLab and Transamerica released The Caregiver’s Guide to Financial Planning in the Shadow of Dementia, a guide that equips caregivers with the information and tools to ask the right questions and successfully navigate financial decisions on the behalf of family members living with Alzheimer’s disease or dementia.
Millions of Americans are caring for an individual living with Alzheimer’s or another type of dementia. As declining financial skills may be among the first symptoms to appear in the early stages of Alzheimer’s, many caregivers find it necessary to manage the finances of their family member.
This guide explains the five topics to discuss when creating and managing a family member’s financial plan and how to ask the right questions of financial advisors. The guide provides resources on insurance, banking and care management, the definitions of various forms of powers of attorney, and Social Security considerations.
The Caregiver’s Guide to Financial Planning in the Shadow of Dementia is a companion to an advisor guide released in October 2014 as part of a symposium on financial planning and dementia hosted by the AgeLab and Transamerica. The symposium brought together academic experts, caregivers, physicians, financial professionals, and others to discuss family dynamics, as well as the physical, personal and financial impacts of Alzheimer’s on the afflicted and their families.
Click here to download a copy of the guide.