Quote:
Originally Posted by joanmhe  My parents both have/had significant alzheimer's/dementia starting in their 70s (grandmother and aunt both diagnosed with AD by age 70). I am now 53. I have significant retirement savings, and a small long-term care policy. I am single with one daughter, who is 16. I probably have 10 years to think about this, but I plan to retire by age 60 - what is the best way to protect my money, i.e. prevent me from doing stupid things when my judgment is no longer good? I will probably outlive my siblings. I need to have some in reserve for my long-term care. I do plan on trying to stay as healthy as possible, but with my genetic background, I have to plan on the worst.
I don't want my daughter to have to go through the worries that I am now going through with my own mother who is very paranoid, and irrational, even though only diagnosed as MCI (mild cognitive impairment).
So this is a financial, life strategy question. Are annuities the only strategy? A family trust? |
Banks offer the choice of having two signatures to withdraw money from accounts.
You and your daughter should sign together to withdraw money.
Get rid of cards and go to the bank only.
Also let an option in which she can withdraw the money on her own, when you deem it as necessary.
That way you would not be able to withdraw money without supervision.