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Gladys Knight’s family and inner circle don’t agree about her health, CNN reported Oct. 22 (1).
Her son, Shanga Hankerson, told CNN, “It’s been a long period of time that there’s been a decline” (1).
Her husband and manager, William McDowell, told TMZ in August that she had not been diagnosed with dementia, though he said she would soon see a doctor for an evaluation, CNN reported. The 82-year-old singer hasn’t publicly disclosed any diagnosis (1).
Hankerson also told CNN, “It’s not about money for me,” adding, “It is about money from the standpoint of resources to make sure that she is taken care of with the money that she earned” (1).
I have no idea what’s really going on inside her family, and I’m not going to guess. But I’ve been a CPA since 1981, and I served as executor of my parents’ estate.
Here’s what I’d tell any family: decide who’s in charge of the money and the medical decisions before anyone’s capacity is in question.
Whatever the facts are in her case, this planning question applies to every family. An estimated 7.4 million Americans age 65 and older are living with Alzheimer’s in 2026, according to the Alzheimer’s Association (2). And when there’s no plan, the decision can end up with a judge (3).
Here are 5 moves to make while you still can.
1. Sign a durable financial power of attorney
“A financial power of attorney gives someone the legal authority to make financial decisions for you if you cannot,” the Consumer Financial Protection Bureau explains (4).
“The document is called ‘durable’ because it remains in effect even if you become incapacitated” (4).
Pick that person carefully. As the CFPB puts it, “If you choose to involve a relative or friend, it is very important it is someone you are sure you can trust” (4).
2. Name a health care proxy
Money isn’t the only decision that can tear a family apart. “A durable power of attorney for health care is a document that names your health care proxy,” according to MedlinePlus, from the National Library of Medicine (5).
“Your proxy is someone you trust to make health decisions for you if you are unable to do so” (5). Pair it with a living will, which “tells which treatments you want if you are dying or permanently unconscious” (5).
If you haven’t done these yet, there are low-cost ways to start. With LegalZoom, you can start your estate plan by answering questions online in ~15 minutes.
Each plan includes an advanced healthcare directive, financial power of attorney and HIPAA authorization. Check it out here.
One thing before we keep going — the financial world is louder and dumber than ever. Hot takes everywhere. Almost none of it is worth your time. I’ve spent 35+ years cutting through the noise so you don’t have to. Sign up for the free Money Talks Newsletter — 10 seconds, no spam, just the stuff that matters.
3. Know what happens if you skip it
If no one has legal authority and you can no longer manage your affairs, your family may have to ask a court to appoint a guardian (3).
That’s a big step. The Justice Department says, “Guardianship results in the removal of an individual’s legal rights and restricts their rights to make their own decisions” (3). A court has to decide whether the person meets the legal definition of incapacity (3).
The good news, according to the Justice Department: “Individuals may avoid guardianship by planning ahead for illness or incapacity” (3).
4. Keep someone in the loop
You don’t have to hand over control to keep your family informed. The CFPB suggests you “give a trusted relative, friend, or professional an overview of your finances” (4).
It also suggests naming a trusted contact on your brokerage and other financial accounts. “Trusted contacts do not have access to your money,” the CFPB says, but “they get notified if the financial institution sees signs of financial exploitation” (4).
When everyone knows the plan, there’s less to fight about later.
5. Plan for who pays for care
Care is expensive, and someone has to provide it or pay for it. Nearly 13 million Americans provide unpaid care for people with Alzheimer’s or other dementias, according to the Alzheimer’s Association (2).
According to government data, about 7 in 10 people turning 65 will need some form of long-term care. And Medicare doesn’t cover custodial care — the day-to-day help with things like bathing and dressing — which can leave families facing six-figure bills that eat into retirement savings.
Long-term care insurance helps fill that gap, covering services like home care, assisted living, and help with daily tasks. Rates are typically lowest if you buy in your 50s or early 60s, couples often qualify for discounts, and premiums may even be tax-deductible.
See a list of the best LTC insurance companies — takes 2 minutes.
My honest take
Every family is different, and I’m not taking sides in anyone else’s. But my read is that the hardest fights happen when nobody has the authority to make the call.
The paperwork isn’t complicated, and it isn’t expensive compared with what it prevents.
Do it while you’re healthy enough that no one can question it. It’s one of the kindest things you can leave the people you love.
Sources: 1. CNN; 2. Alzheimer’s Association; 3. U.S. Department of Justice; 4. Consumer Financial Protection Bureau; 5. MedlinePlus
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