Houston Estate Planning and Elder Law Attorney Blog
Not only can dementia lead to poor financial decision-making; it can also make sufferers susceptible to financial fraud.
You cannot predict whether or not you or your spouse will develop dementia later in life. But because dementia is such a real possibility to face for many Houston households, it is one better faced sooner rather than later. Proper planning can reduce the inevitable stress on all concerned.
The issue of dementia in planning was recently addressed by MarketWatch in article titled “Stunning study on dementia, couples and money.” The results of the study mentioned are multifaceted. However, there is one obvious data point upon which the article rotates – the vast majority of households turn over financial control to the unimpaired spouse once the original leader of family finances shows signs of dementia. Unfortunately, dementia doesn’t work that way; it’s far too subtle. This means that many households may have waited too long, and then the unimpaired spouse is left to learn all of the finances and pick up any broken pieces from a spouse who may be unable to fully account for it all. That is a glass half empty, unfortunately.