An Alzheimers or dementia diagnosis is overwhelming for the individual and their family. As you and your clients prepare for their future, discuss the benefits of hiring a professional fiduciary to protect them, their money, and assets.
Here are some reasons why you may consider a private fiduciary for elders with Alzheimer’s.
Reduce Risk of Financial Abuse
The exploitation of a senior’s money or assets is financial abuse and falls under elder abuse as well. Unfortunately, elder abuse is common, especially when it comes to seniors with Alzheimer’s; unless you know the signs and are actively looking for them, it’s easy to miss. While it may be difficult to know for certain, here are a few signs to look out for:
- Sudden banking changes (large withdrawals, bank account changes)
- Strange financial behavior (missing payments, maxing out credit cards)
- Missing valuable possessions
Ensure that you discuss your concerns with compassion and sincerity if you suspect financial abuse. If you believe that you or someone you love is at risk of financial abuse, a trust can help them or you manage those finances.
Related Article: Alzheimer’s Awareness Month: How You Can Help Seniors
Protect Your Loved One
As a child or loved one of a person with Alzheimer’s, you want to do all you can to protect them. As the disease takes over, it’s in the elder’s best interest to have someone they can rely on to be their trustee, as it is a great responsibility–and a considerable amount of work may be involved. For instance, one of the most tasks to accomplish is annual trust accounting. As a trustee in the state of California, you are required to complete an account of the trust assets and how they’ve been used each year.
Before the person can no longer make decisions, consider discussing the formation of a trust to protect them.
Related Article: How to Get a Power of Attorney for a Sick Parent in California
Consider a Private Fiduciary
Establishing a power of attorney or a living trust can address your concerns and ensure that the elder in question is taken care of financially. Family members or caregivers may not be up to the task, so a private fiduciary may be the answer for your unique situation. After all, an Alzheimer’s diagnosis can be overwhelming for both the individual and their family. Prepare for the future and discuss the benefits of hiring a professional fiduciary to protect their money and their assets. At Marcia L. Campbell, CPA, we act as trusted professional fiduciaries and advocates for many of our clients.
Do you have more questions about caring for your aging loved ones?
If you need help, please contact us by filling out our Contact Form or by giving our office a call at +1(951)686-3608.
As the most experienced CPA in the Inland Empire who specializes in working with seniors, Marcia L. Campbell is committed to helping each client thrive by caring for their personal and financial wellbeing with genuine interest, well-established expertise, and a focus on respectful partnerships. Marcia’s team specializes in a number of services including elder & financial care, court & trust accountings as well as private fiduciary and tax services. At Marcia L. Campbell, CPA, we understand the importance of our clients’ individual needs and are committed to helping them make the best personal and financial decisions for their future.