How to support loved ones experiencing cognitive decline while securing their financial well-being

How to support loved ones experiencing cognitive decline while securing their financial well-being 
Nasdaq, Peronsal Finance; by Deanna Ritchie; 12/6/24 
Supporting a loved one with cognitive decline can be one of life’s most challenging challenges. Those with cognitive impairments, such as dementia or Alzheimer’s, often need to be emotionally resilient and make practical adjustments. However, proactive financial planning to secure their well-being is frequently overlooked. The reason? The Wall Street Journal reported that those with undiagnosed memory loss are prone to significant financial declines. Researchers at the University of Michigan found that people without knowledge of their memory problems lost an average of $31,000 in net worth, while people with knowledge lost $5,400. Keeping this in mind, here’s a guide for providing compassionate care while protecting their savings and financial stability. [Click on the title's link for more.]