One of our attorneys, Ha Dao, presented a webinar for CPA Academy recently on the Financial Impacts of Long-Term Care and Cognitive Decline.
It was very enlightening what financial advisors saw regularly in their practice:
Being taken advantage of by a family member was the most reported problem seen by these financial advisors. More so than scams re: extended warranties or long lost relatives from Nigeria!
Not far behind, was simply inability to decide or act when a financial decision was necessary. Half of the CPAs attending this webinar regularly see clients who are either being taken advantage of by a family member or are simply not able to make financial decisions.
| Have any of your clients suffered any of these financial losses possibly due to cognitive impairment? | ||||
| Response | Count | Percent | ||
| Being taken advantage of by a family member | 90 | 26% | ||
| Inability to make financial decisions | 85 | 24% | ||
| Victim of scams | 77 | 22% | ||
| Delinquency on bills | 63 | 18% | ||
| Making risky financial decisions | 35 | 10% | ||
| Total | 350 | 100% | ||
Do you see that your extended family needs help?
My father in law suffers from dementia. One of the first things his wife did was remove his ability to answer the phone, answer emails etc. His wife began to handle all of the financial affairs, putting as much as possible on auto-pay, simplifying as much as she could. But what if his wife isn’t quite up to it either?