Dementia affects the ability to cope with money. As the illness progresses, money and legal matters can become very difficult to manage.

1. Dementia and Money Management
10 Things You Need to Know

2. Dementia affects the memory and the ability to work things out.
Coping with money is often an early difficulty.
Later on, as the illness progresses, money and legal matters can
become harder to manage.
You worked hard to gather assets to take you
through retirement. Dementia may require you
rethink your priorities.

3. At first, the changes are slight. The person becomes forgetful and
likely to repeat things.
• She may behave in unusual ways.
• She may be inwardly worried that she is losing control.
• Some people may become withdrawn and depressed, or agitated.
• Some may lose interest in life and find it hard to make day-to-day
plans, and some may have problems handling money.
• These early changes may be noticed only by close family and
friends.

4. As the illness goes on, the changes are greater. Memory problems
get worse. The person may begin to:
• Forget names of family or friends
• Repeat questions over and over again
• Not eat properly
• Neglect personal care
• Find it hard to grasp what is said
• Be hard to understand at times, losing track of what she is saying
• Become angry or upset quickly
• See or hear things that are not there
• Have difficulty managing housework, food preparation, activities,
interests or work
• Need help with everyday tasks such as bathing and dressing
• Need help with handling money

5. • In the later stages of dementia they may be very confused.
• Often they may not recognize even close family members.
• They will need a great deal of help, for
example with eating, washing, bathing
and using the toilet.
• Her speech may make little sense and
she may not understand other people.
• Their personality may have changed
greatly, but they may remain physically
well for a long time.

6. 1
People with dementia often say that
the ability to manage money is one of
the first skills to go.

7. 2
Making plans for your financial and personal welfare as soon as
possible after your diagnosis is very important. Later on in your
illness you may no longer be able to make certain arrangements.

8. 3
You can use powers of attorney to appoint someone you trust to
look after your financial affairs and/or your personal welfare.

9. 4
If you want, you can have different people look after your
financial affairs and your personal welfare. Many people prefer to
use an attorney to draw up a power of attorney but you can ‘do it
yourself’. In the State of Texas the Department of State Health
Services (DADS) has a Legal Planning web site geared towards
Alzheimer’s disease and dementia patients.

10. The happiest of people don’t necessarily have the best of
everything; they just make the most of everything that comes
along their way.

11. 5
Having a power of attorney in place
doesn’t mean you can no longer make
any decisions for yourself.
If you need help maintaining your
independence don’t hesitate to
ask for help.

12. 6
• You can also set out your wishes about
your future care and medical treatment
with a health care directive.
• These advance directives include Texas
Directive to Physicians and Family or
Surrogates (formerly called Living Will)
and the Texas Medical Power of
Attorney (formerly called durable
power of attorney for healthcare).
• The DADS website also has information
concerning these documents.

13. 7
If you haven’t made a will or it has been
some time since you reviewed an
existing will, it is a good idea to do it
while you are able – no-one else can do
that for you.

14. 8
Many people worry about being forced to sell their house and
other assets if they need care and run out of money. It can be
possible to protect some assets for family but advanced planning
is very important. (Cont.)

15. 8
• An attorney can help you do this planning but you need to seek
advice very early in the process.
• There is a five year look back period for financial transactions so
you need to seek advice well before you may need services.

16. 9
Before you consider giving away your
house or other property you need to get
professional advice as you may not be
protecting anything as Medicaid has a
60 month look back period where your
finances are analyzed and if assets have
been disposed of it can be disqualifying.
Again, see the advice of an attorney
early in the process.

17. 10 You can simplify your financial arrangements by paying bills by
direct debit or standing order and getting benefits and pensions
deposited directly into your bank account.

18. In the best of circumstances, loved ones
can gently intervene before small financial
mistakes escalate into a much bigger
problems.
But family members and other individuals
who take on the role of financial guardians
need to thoughtfully consider their
approach.

19. We recommend everyone discuss these types of issues with loved
ones and guardians while everyone has all their faculties, this helps
to minimize conflicts down the road.
• If you’re nearing retirement age, who should be entrusted with
handling your finances?
• What about your care?
• How will you pay for it all?
Imagine a worse case scenario then investigate long-term care insurance
and speak with an elder law attorney that specializes in asset protection
so you know how you want to handle issues if they arise.

20. If you want to stay in your home there are many services that can
help. BrightStar provides:
In-Home Companionship and Care Services
• Conversation and Companionship
• Meal Preparation
• Laundry
• Light Housekeeping
• Grocery Shopping/Errands
• Incidental Transportation
• Medication Reminders
• Grooming Guidance
• Live-In Services
• 24-Hour Care
• Respite Care or Relief for Family

21. Personal Care Services
• Bathing, Grooming and Hygiene
• Mobility Assistance
• Transferring and Positioning
• Toileting and Incontinence Care
• Feeding and Special Diet
Specialized Care Services
• Dementia Care
• End-of-Life Care

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