A couple asked me what they could do to help their aging mother. It was a very sensitive issue … she was frequently buying items advertised on TV commercials with her credit cards … and they were concerned that she would spend her hard earned savings unwittingly. When they finally built up the courage to lovingly talk with her about her expenditures, she asked them to help her discontinue “throwing my savings away.”
A great way for the children of aging parents, who are showing early signs of dementia (i.e., a syndrome in which there is deterioration in memory, thinking, behavior and the ability to perform everyday activities), to help their loved ones with daily financial decision making is to counsel with their aging loved one; and learn from them if they would like a person they love and trust to take over the financial decision making process for them and their best interests.
A conservatorship is a judicially created estate. It is commenced when a party applies to a State Court for permission to handle someone else’s financial affairs due to gradually progressive dementia in a parent or other loved one. And with good record keeping and annual reporting to the Court, it can also protect the appointed Conservator against being liable for previous debts of the one they are caring for. For further information contact: firstname.lastname@example.org