If a parent or other loved one develops dementia, a risk that grows with age, finances can present a big problem. In fact, you may have to step in to make sure your mom or dad doesn’t rack up credit card debt or even go broke.
That’s what happened to Kay Bransford, an author and entrepreneur in Virginia, after her mom and dad both developed dementia. When a home contractor tried to charge her parents more than $5,000 for needed repairs, more than five times the going rate, Bransford acted quickly to cancel the contract …
I have had problems with handling financial affairs. Maureen often says I have taken all her money. How you strike the balance between independence and safety on this is a real struggle.
Every situation is so unique. I have heard doing it in parallel can work so they feel they are part of the process. I set up a second checking account with a few hundred dollars in it so mom could have a check book and credit card (it was a debit card and only good up to the amount of money in the account), She felt like she had the ability to continue to pay bills and buy things and I wasn’t worried about it leading to a huge amount of debt or fraud. It may take time to find the right balance for you or you may have to wait until this stage passes.
Yes. Each solution will vary for every person and family.