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Patrick Stewart, Captain Picard to “Star Trek” fans and Professor X to “X-Men” fans, died last week in Los Angeles. He was 86 (1).
His spokesperson, Kelly Bush Novak, said he died following “a brief and poignant journey” with Alzheimer’s disease and Lewy body dementia, The Associated Press reported. The diagnoses “had not been previously disclosed,” the AP said (1).
This isn’t about his finances. It’s about how quietly dementia can move, and how money trouble can be one of the early signs.
Researchers at the University of Michigan and the Federal Reserve studied 81,364 Medicare beneficiaries living in single-person households. They found that people who went on to be diagnosed with dementia were more likely to miss bill payments, “as early as six years before a clinical diagnosis” (2).
They also found an “increased risk of developing subprime credit scores starting 2.5 years before a dementia diagnosis” (2). The study was published in JAMA Internal Medicine in 2020 (2).
The stakes are huge. The Alzheimer’s Association estimates the total lifetime cost of care for a person living with dementia at $405,262 in 2024 dollars (3).
I’ve been a CPA since 1981. Here are 5 ways to protect a parent, or yourself, before money trouble turns into a money disaster.
1. Watch the bills, not just the memory
That research is the reason to pay attention to the paperwork. A late notice from someone who has paid every bill on time for 50 years deserves a gentle conversation, not a lecture.
Other things worth noticing: duplicate payments, a sudden drop in a credit score, or piles of unopened mail. None of them proves anything. Together, they’re a reason to ask questions.
It also helps if someone outside the family is looking at the accounts regularly.
One idea: If your parent has substantial savings, at least talk to an investment advisor. SmartAsset offers a free matching service that pairs you with up to three fiduciary financial advisors, all legally required to put your interests first.
They can help with tax savings, investment advice, Social Security strategies, and planning gaps you’d never see alone.
To use the service, expect a questionnaire of about 10 minutes. You’ll be asked for a phone number near the end, but you control whether and when you respond.
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2. Name a trusted contact at every brokerage
Brokerage firms are required to “make a reasonable effort to obtain the name and contact information for a trusted contact person (TCP) age 18 or older,” according to FINRA (4).
FINRA’s rules also spell out when a firm may contact that person about the account (4). And when a firm places a temporary hold on a transaction it’s worried about, it must “notify the TCP, if available” (4).
It takes a few minutes, and it gives the firm someone to call. If your parent’s account doesn’t have a trusted contact, fix that this week.
3. Plan for the cost of care
That $405,262 lifetime figure isn’t just a medical bill (3). It’s often a family bill.
Nearly 13 million Americans provide unpaid care for a family member or friend with dementia, the Alzheimer’s Association says (3). In 2025, those caregivers provided more than 19 billion hours of care valued at more than $446 billion (3).
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.
A little planning now can spare your family a difficult financial situation later.
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4. Sign the papers while everyone can still agree
The time to decide who handles the money and the medical decisions is while the person whose life it is can still decide. Once that window closes, families can end up arguing, or in court.
Without a plan, courts decide everything, probate drags on for months, and loved ones are left guessing. Shield them with a will, a trust or both — today.
A will locks in exactly who gets what — yours in minutes for $199. A trust goes further, controlling how and when heirs inherit, starting at just $499.
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5. Simplify before you have to
Every extra account is one more thing to track. Fewer bank accounts, fewer credit cards and automatic payments for the fixed bills make it easier to spot when something goes wrong.
Ask your bank and brokerage what kinds of access or alerts they offer for a family member. Then set them up while it’s an easy conversation, not an emergency.
My honest take
Nobody wants to be the kid who asks Dad why the electric bill is three months late. And nobody wants to admit their own bookkeeping is slipping.
But the research says money trouble can show up years before a diagnosis. Read the signs early, and you get to make the hard decisions together, while they’re still decisions instead of emergencies.
Sources: 1. The Associated Press, via NBC New York; 2. University of Michigan Institute for Social Research; 3. Alzheimer’s Association; 4. FINRA
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