Who will control your finances if you lose your ability to make decisions? Many senior citizens suffer from memory loss, dementia, and other cognitive disorders as they age. The Alzheimers Society recently issued a report about the vulnerability of dementia sufferers to financial abuse and the need to protect them.
Todays show is devoted to aging and finance and what to do if you, your spouse, or your parents suffer from any health issues that affect their ability to make wise financial decisions.
Find out how to organize the financial and legal affairs of a dementia sufferer. What kinds of accounts should you set up? And what are the most appropriate investments for people suffering from mental health issues?
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Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning and investment services firm specializing in working with Americans living in Israel who have investment accounts in America. Doug’s newest book, co-authored with Susan Polgar, about using chess strategies to improve your finances, Rich As A King can be purchased at www.richasaking.com. He is a licensed financial professional both in the U.S. and Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. Accounts held at Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. Neither Profile nor PRG gives tax or legal advice. Before immigrating to Israel, it is advisable to consult with a tax attorney who is knowledgeable about Israeli law. Contact at doug@profile-financial.com