Some years ago I was asked to help out “Mario”, who was about 80 and recently widowed after a long and happy marriage. He had Alzheimer’s Disease and was becoming disorganized. He had no kids, and his kin felt they could not step up and take on the job of assisting him. “Mario” was still living on his own in an apartment in Linden which was neat and tidy, and there was food in the refrigerator. I talked to “Mario” and the family at length to learn about his interests and lifestyle. We looked through photo albums and memorabilia. He told me how he liked to spend his day. He and I agreed that he would appoint me as his agent under Power of Attorney.
“Mario” lived a modest lifestyle. He had a nice pension that was big enough to cover all his monthly bills, and he wanted me to keep track of and pay those bills. He went out for supper a couple nights a week at a local diner and liked to treat his friends to drinks there. He’d walk over there, and they would get him a cab home if it was late. So he had a nice social life that he wanted to continue.
To avoid confusion on his part and protect his money, I arranged for the bulk of his money and his working checking account to be moved to a different bank, where I was then listed as the POA. He kept his passbook savings account book on hand (which was at his local bank).His Social Security check was auto-deposited in there every month. So he would continue to have access to that money for his social life at the diner. I did talk to his bank teller to ask her to discourage him from withdrawing too much cash at one time. Since they knew him well, this worked nicely.
“Mario” stayed in his apartment for a long time after that and continued to enjoy seeing his friends, having a drink with them, and swapping stories at the diner. They all looked out for him. He had access to enough cash to keep him happy without putting his other assets at risk. Whenever I visited him, he’d pour me a little glass of sherry and tell me stories about his life. He loved to tell stories and show me pictures and old news articles.
Eventually, “Mario” became too confused to stay home. I moved him to a nursing home, along with his suits and bow ties. Whenever they dressed up for a party, he was the guy that all the ladies wanted to have on their arm. I’ll never forget his beautiful charming smile as he strutted down the aisle wearing the crown as King of the Valentine’s Ball, and how he loved to dance.
Call us to discuss planning for a good old age, at 732-382-6070. You can also contact us through our website.
Note: Name changed.