How do I stop my dad with Alzheimer’s from giving money to strangers
### How to Prevent Your Dad with Alzheimer’s from Giving Money to Strangers
If your dad has Alzheimer’s, it’s crucial to protect him from making financial decisions that could put him at risk. One of the most common concerns is preventing him from giving money to strangers. Here are some simple steps you can take to ensure his safety and financial security:
#### 1. **Set Up a Power of Attorney**
First, you need to get a power of attorney (POA) for your dad. This document gives you the authority to manage his finances and make decisions on his behalf. You can find more information about how to get a POA in your state by consulting with an elder law attorney[1].
#### 2. **Create a Trust**
Setting up a trust can provide an additional layer of protection. A trust allows you to manage your dad’s assets, such as his house, stocks, and savings, without having to go through the lengthy probate process after he passes away. You can create a revocable trust, which means it can be changed or canceled at any time[1].
#### 3. **Simplify Financial Transactions**
To make it easier to manage your dad’s finances, consider the following steps:
– **Go Paperless:** Switch his bills and statements to digital formats. This will reduce the risk of important documents being lost or mismanaged.
– **Set Up Auto-Payments:** Arrange for automatic payments for his bills, such as rent, utilities, and insurance. Many banks also offer auto-check-writing services for recurring expenses[1].
– **Joint Checking Account:** Open a joint checking account with your dad. This will make it easier for you to manage his finances and pay bills without needing his direct involvement[1].
#### 4. **Limit Access to Funds**
If your dad is vulnerable to manipulation, it’s a good idea to move his funds to a separate account in your name as trustee or power of attorney. This way, you can control the flow of money and provide an accounting of it to relatives and other potential heirs[1].
#### 5. **Monitor Bank Accounts**
While you can’t stop your dad from withdrawing funds from his own bank account, you can make an informal arrangement with his bank to call you for authorization before any large withdrawals. Many banks also offer notification services via text or email for withdrawals above a certain amount[1].
#### 6. **Secure Credit Reports**
To prevent new accounts from being opened in your dad’s name, place a security freeze on his credit reports with the three major credit bureaus. This will help protect him from identity theft and unauthorized financial transactions[1].
#### 7. **Use a Simple Phone**
Consider using a simple phone like the RAZ Memory Cell Phone, which is designed for seniors with memory loss. This phone allows you to block unwanted incoming calls, set up video calls with approved contacts, and remotely manage settings to prevent accidental calls or other safety issues[3].
By following these steps, you can significantly reduce the risk of your dad giving money to strangers and ensure his financial security and well-being. Always remember to consult with an elder law attorney for personalized advice tailored to your specific situation.
