Last week we talked about the situation Mickey Rooney found himself in when his stepson threatened and harassed him and would not let see his own mail or financial statements. It is a tragic situation when a vulnerable adult is denied control and access to their assets or defrauded. Of course everyone should have the ability to make their own financial decisions as long as they want to and are able. But complications can arise when family members start to worry that a loved one's financial wellbeing may be better served if they had some help.

Often times an older family member may begin to have trouble managing their money even when there are few if any other signals that their functioning is starting to diminish. Driving, remembering people's names and most other regular activities can all be easily accomplished. But tracking bank accounts, credit cards and other financial interests is a highly complicated task. In a recent article in the New York Times a neuropsychologist points out that managing money may become more difficult even when a senior is otherwise capable.

Hopefully anyone who notices that they may not be able to handle their finances all on their own will reach out for help, but often the change is so subtle it is hard to notice. A family member or trusted friend may notice that the senior is not keeping up with her bills or that a grandfather is suddenly spending much more money in month than usual. This can lead to difficult but important conversations. When possible it is best to address these concerns before an outsider takes advantage of impaired judgment or an elderly loved one simply starts making self destructive financial decisions on their own.

Fortunately there are numerous strategies including durable powers of attorney, joint bank accounts and guardianship options.

Source: The New York Times "When Dementia Drains the Pocketbook" PAULA SPAN, February 28, 2011