The Massachusetts Financial Planning Association in conjunction with the Commonwealth of Massachusetts Executive Office of Elder Affairs and the Alzheimer Associations of MA and NH held an informative webinar to educate Financial Planners about the serious issues of elder abuse and Alzheimer disease.  Our population is aging and our life spans are increasing.  Many of us are likely, at some point, to observe or suspect elder abuse – within the family or amongst friends and neighbors.  More and more of us will be called to face chronic problems that ravage the elderly, particularly Alzheimer’s disease.

Elder financial abuse totals nearly $3 billion per year.  Financial exploitation is any act that causes monetary or property loss to the victim.  Sadly perpetrators include family, friends, fiduciaries and strangers.   Scams delivered by email, over the internet, via phone, by tele-marketers or from door to door solicitors are familiar to us.  The elderly are particularly susceptible to exploitation due to changes in physical ability, increased isolation, dependency on others and unwillingness to foster trouble for others, particularly family members.  Examples range from sending money to win an alleged prize or lottery winning to contracting for an unnecessary roof replacement based on conversation with an unscrupulous contractor.   Elders are easily enticed to disclose social security numbers or account numbers to strangers over the phone.   Financial exploitation ranges from loss of a few hundred dollars for an unnecessary purchase to a loss of home or entire savings.

Beyond financial exploitation, elder abuse can be physical, emotional, sexual, caregiver neglect or self neglect.   Without being too cliché, it take a village to stop elder abuse.  Being sensitive to the changes in behavior or actions of our spouses, parents, friends and neighbors is one way we can support. Reflect on these common questions when investigating elder abuse:

• Are there bruises or cuts or unexplained injuries?
• Is clothing appropriate for the occasion or season?
• Do they appear competent to transport themselves or drive safely?
• Are they eating and hydrating properly?
• Do you note confusion, memory loss, lack of interest or mood changes?

For Massachusetts residents, if you suspect elder abuse and desire to file a report or discuss a concern, please contact Protective Services as noted by the link below.  During normal business hours, the Protective Services report should be filed with the agency that covers the city or town in which the elder resides.  You can also call 1-800-AGE-INFO (1-800-243-4636) or go to the website below to identify the best filing agency to file the report.  This website also directs you to elder services in other states.

https://providers.800ageinfo.com/site/371/search_for_services.aspx

Please note, though, that 1-800-AGE-INFO directs your call based on area code and exchange, and will transfer you to the agency that covers the town you are calling from, which may not be the same town where the elder resides. A report can be filed with the agency that receives the call; the report will be forwarded to the correct agency.  After normal business hours and on weekends, call the Elder Abuse Hotline at 1-800-922-2275

Distinguishing between Alzheimer’s disease and the normal changes in aging

As cognitive and memory issues are observed we often fear that individual may be dealing with early onset Alzheimer’s.  Unfortunately that fear may turn out to be reality as 1 in 8 Americans over age 65 will develop Alzheimer’s disease.  Alzheimer’s disease now impacts 120,000 Massachusetts citizens.

For more facts on Alzheimer’s click the following link: http://youtu.be/BXnZt5VMjZY

Alzheimer’s is not the only cause of cognitive problems.   We hear the phrase dementia used often.  Dementia is a symptom and not a disease.   Dementia may be incurable if it is symptom of diseases including Alzheimer’s (most common) and Parkinson’s disease; but it may be curable if dementia is caused by brain tumor, infection, vitamin-deficiency, depression or medicine side effects.  Thus medical attention is needed to identify the cause and begin treatment if the dementia is curable.

There are cognitive declines associated with normal aging.   Normal aging includes slower recall, difficulty remembering names or particular words and multi-tasking.   The following table illustrates the difference between normal aging and Alzheimer’s

Alzheimer’s is the most significant disease and strain on our healthcare system.   Over the past ten years all other major causes of death have declined; but Alzheimer’s has increased 68%.  Alzheimer’s is not just a disease that causes cognitive degradation – it causes death; it is the sixth leading cause of death.  It is the single most expensive disease ever.   To read more about the ten signs of Alzheimer’s disease click on the following link:  http://www.alz.org/alzheimers_disease_10_signs_of_alzheimers.asp

From a financial planning perspective, there are several issues that surface in this situation. One, Long Term Care insurance needs to be in place.  Maintaining current health care proxies, durable power of attorney and other estate planning documents is crucial.  Recognizing the inevitability of death and defining your wishes for your end of life and post life is a crucial conversation. Lastly, understanding the complexity and depth of the care-taker role for the benefit of a loved one who is diagnosed with Alzheimer’s is a developmental issue for us who step into that role. This means that we need to learn and practice the way of caring.

As you reflect on your situation and that of your loved ones, we welcome any questions or comments regarding the aging aspect of life.