“Still Alice” As Springboard For Family Conversation

My colleague and great friend, Professor Laurel Terry, shared Paul Sullivan’s Wealth Matters column from the New York Times, that uses the new movie Still Alice as a reminder of the importance of family conversation:

“For anyone who has ever watched a family member disappear into Alzheimer’s, Ms. Moore’s performance is gripping, particularly as her tricks to stall her decline inevitably fail and the later stages of the disease consume her. Yet the movie is also a great vessel to explore many of the financial issues that families need to address when someone is diagnosed with Alzheimer’s or any other disease that causes cognitive impairment.”

The column continues with thoughts from financial professionals, who sometimes observe the early signs of a long-time client’s decline:

“Thomas Mingone, managing partner at Capital Management Group of New York, said he had clients whose mental slide had been apparent to the advisers, accountants and lawyers in the room but not to the client. Since advisers are bound by a fiduciary duty to protect their clients’ privacy, Mr. Mingone said he can’t simply call up their children to let them know. With a client who seems to be slipping but lives alone and sees family members infrequently, Mr. Mingone said he suggests a family meeting, which allows him to connect with his client’s children. Other times, he said, just asking clients how they are doing brings the problem out.

 

‘Sometimes when you bring this up with clients, it’s a relief to them,’ he said.”

For additional realities, including the problem of end-of-life decision-making and care choices, read “In Alzheimer’s Cases, Financial Ruin and Abuse Are Always Lurking.”