Memory loss, which has been typically found to set in at around age 67, can be a troubling life event that can make it hard for the elderly and loved ones to manage money. Research has found that memory loss and aging can coincide with trouble with money and lost funds.
A study found that undiagnosed memory loss could cost seniors thousands of dollars and according to a Wall Street Journal report, that cognitive decline can affect retirement savings through things like bad investments.
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Thomas Vanness III, an asset protection and estate planning attorney, told Scripps News that when family members have a conversation with aging parents or other family members, it's "almost a pleasant conversation to have."
Vanness says when more capable family members offer to take over in a power of attorney scenario and maanage money for aging loved ones property, it will relieve a lot of stress.
He says to take a more positive spin about the situation and offer to "pay all bills for you, through your accounts," and make it more of a helpful offering.
