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Author: PolymerMom Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 454796  
Subject: Re: Abusing seniors with mortgages Date: 12/4/2012 10:46 PM
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it is also true that most us eventually reach the point that we ARE unable to comprehend financial transactions.

We had a similar experience w/ MIL. FIL and MIL ran a small business and MIL did all the accounting and filing. When FIL died around 10 years ago, MDH went over to her apartment to help clean out FIL's belongings. He went thru about eight filing cabinets and found all sorts of things filed randomly. Bills were mixed in with scam-type solicitations. We barely saved the long-term care policy she had, thanks to a last-chance late payment notice. It ended up paying for around 6 years of ALZ care for her. (She wandered and we couldn't care for her since we were both working and had two kids in grade school.)

The truly scary part was MIL was overseeing her older sister's finances. (Older sister was in the Alzheimer's ward.) There was this "nice young man" who came by periodically with investment proposals. She'd agree to whatever this guy suggested. They weren't a total rip-off, in that the companies were sound, but they were totally age-inappropriate. We took over her finances, with the help of Quicken and her consent. She was eventually diagnosed w/ Alzheimer's, as well.

In my Mother's case, she lost her eyesight to macular degeneration and couldn't read most of the incoming bills. She had a reading machine, which allowed her to be self-sufficient for many years, but eventually she couldn't deal with it. We also took over her finances, again with the help of Quicken, when she was in her late 80's. She died about a week before her 92nd birthday.

Most people don't comprehend what aging does to rob a person of their faculties. Until a younger person has to deal with an elderly parent, they have no comprehension of the problems that develop.

PM
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