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Tuesday, March 1, 2011

When dementia drains the pocketbook

Beginning the process of helping your aging parents with their finances can be a nightmare, as this article from the New York Times illustrates. Click here to read it.

I read with interest the comments about how the bankers and other people along the way had suspicions that the aging parent was having trouble managing her finances, but didn't take any steps to do anything. Believe me, on the banking end we feel the same frustration. I can think of several customers whose banking officers have stated that they believe the person is beginning to have trouble. Unfortunately, we can't second-guess what our customers want to do with their own money. Ideally, it's a customer who is willing to talk to me about estate planning and to get something into place - something that gives legal authority to one of their kids or the trust company - to help them with their finances. At least in those cases, I can help. Frequently though, the aging parent declines the banker's suggestion that they take legal steps.

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