Caring for a family member with dementia can be heartbreaking and difficult in so many ways. One of the hardest tasks may be protecting them from ruining their finances as their condition deteriorates. Research shows that those with dementia often show signs of financial trouble years before diagnosis. Left unchecked, their unpaid bills, gratuitous spending or willingness to give away their money whenever asked can drain their savings and push them into debt. Here’s how you can protect a loved one in cognitive decline from financial harm.

CNN 5 Things Newsletter
By Andrew Torgan and Daniel Wine

Caregivers are, and should be, on the lookout for any financial issues that might arise. It’s our “job” to be looking out for our loved ones.

This can be tricky, of course. If your spouse, for instance like mine, was on “Wall Street,” there may be greater resistance.

Fortunately, he used to ask me to do some research.

For us, as for many middle-class folks like us, any risky behavior was just that, a risk. Money is not a limitless commodity in our home.

As a caregiver, you will need to take hold of the reins after the diagnosis; at the very least, you will have to limit your p.w.d.’s access to funds.

It’s hard, not just because he or she may have managed all the household finances.

It’s hard not just because you may not be comfortable doing the managing.

It’s hard because it’s one more area in which they’re losing agency.

Taking away my husband’s access to trading accounts was one of many small heartbreaks early in our journey.

As CNN’s Jeanne Sahadi notes in the article linked above, the trouble might have started long before his diagnosis.

My usually careful, risk-averse and conservative spouse showed signs of financial recklessness.

It was easily checked, but as I look back, it was a warning sign.

Your vigilance over these matters falls under the rubric of taking care of both of you/your family.