We are curious to know if any of your readers have had the same experience that we are having with an elderly relative with Alzheimers and dementia and what their solutions have been to our issue.
Several years ago, my aunt set in place a will and a trust to prevent the exact same thing that is happening now to her.
She has been living at home this past year with 24/7 care from a caregiver agency. She also has a financial adviser from a bank.
As my aunt's health and memory are decreasing, the family suggested that we know her finances just to make sure her expenses were within reason.
We received a quarterly statement only to find out that her funds were being depleted rapidly. The caregiver agency is charging her $750 per day which equals $273,750 a year to stay in her own home. Excuse me? This is not including oxygen, medications, food and other monthly expenses.
When the family found this out we had a meeting with the bank's financial adviser, the caregiver owner and my aunt. We discussed several issues, however, the big issue being the cost was non-negotiable. This is clearly financial abuse or financial exploitation in our opinion. There is no plan B, nobody has addressed the issue of where our aunt will go or who will take care of her when the funds are depleted.
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What the financial adviser and the caregiver are not addressing is the fact that my aunt cannot make good judgement decisions because of her Alzheimers and dementia.
We called my aunt's attorney and also conferred with one we had used in the past, and there seems to be nothing in place to prevent this situation from happening.
Come on people, this is 2019. Elders everywhere are being exploited.
Bill and Marti Waters, Clear Lake