Know the signs of declining capacity in your loved ones

1. Decision-Making Ability Declines With Age
Regardless of gender or education level, Americans become considerably less capable of
making financial decisions after age 60, according to a new study.
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2.  It’s an unfortunate fact of life that many of the most important
financial decisions must be made in later years, as old age
makes us less capable of making such decisions. For this
reason, it’s important to make these important decisions earlier
rather than putting them off until the last minute.
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3.  According to a recent study, reported on here by the Wall Street
Journal, the decline starts around age 60. Starting at that age,
test scores on knowledge of investments, insurance, credit and
money basics fell about 2% each year, from 59% for those in
their early 60s to 30% for those 80 and older. Even worse, as
actual knowledge and ability falls, confidence in one’s ability
seems to rise. The less we know, the more we think we know.
Or, as the saying goes, there’s no fool like an old fool.
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4.  The problem is that it is just when our mental abilities go into
dramatic decline that we are faced with important decisions
relating to end of life, elder care, NY estate planning, and New
York asset protection, decisions involving Medicare, Social
Security, long-term health-care planning, and the creation of
instruments to handle transfer of assets.
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5.  As an adult child of older parents, this is something to keep in
mind. Your help may not be wanted, but when it is least wanted
is likely to be when it is most needed. On the other hand, as an
older person you may need to develop self-understanding and
awareness of how your abilities are declining with age. For
everyone, it means that estate planning issues should be
confronted earlier rather than later.
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