Declining Financial Skills May Indicate Other Health Problems

Money Woes Can Be Early Clue to Alzheimer’s reports how significantly declining skills can sometimes indicate more serious mental capacity issues. The article shares how previously competent people start making serious financial mistakes long before others realize there is a health problem. Unfortunately, the issue is often missed because one spouse handles most of the financial transactions.

In our family, we try avoid the situation of one spouse handling most of the financial matters. We split up the financial responsibilities in a way such that there is a natural check and balance. My spouse pays the bills and handles the statements from our bank and investment accounts. I manage the investment accounts and fund the checking account from which bills are paid. In addition, we have hired a financial advisor who we trust to help us should one or both of us become unable to handle our finances. If one spouse is having an issue, the other spouse should be aware of the problem fairly early.

Hopefully, we will not need much assistance in handling our families finances in the future. However, if an issue should arise, I expect we will be able to identify before it becomes a major problem.

For more on Crossing Generations , check back every Thursday for a new segment.

This is not financial advice. Please consult a professional advisor.

Copyright © 2010 Achievement Catalyst, LLC