I recently read an article in an Elder Law Journal that detailed how a declining credit score can be a sign of dementia. It said, “Years prior to an eventual diagnosis, average credit scores begin to weaken, and payment delinquency starts to increase, overall and for mortgage and credit card accounts specifically. Credit outcomes consistently deteriorate over the quarters leading up to diagnosis. The harmful financial effects of undiagnosed memory disorders exacerbate the already substantial financial pressure households face upon diagnosis of a memory disorder. Our findings substantiate the possible utility of credit reporting data for facilitating early identification of those at risk for memory disorders.”
Alzheimer’s and dementia are typically present and actively destroying the brain 10 years before a diagnosis. The part of the brain that starts to decline first is the Executive Function. This is the part of your brain that makes decisions and starts developing around age 13 and is typically fully developed around age 25.
One of the reasons I am encouraging all of my clients to add their children as Co-trustees and have them meddle is the reality that if you have dementia, your chances of falling for a scam are 100%. The impact could be small (a few bucks) or losing all your life savings. The annoyance of your kids meddling is worth it to avoid losing your life savings.
If you want to discuss planning for life with dementia, give me a call.
