My father and I share a home, he is in the mid stage of Alzheimer's. I have take over control of the checking account and allow my 90 year old father about $800 a month for him to do with whatever. I move most of the retirement funds into a Money Market account which will be our emergency fund as cash is pretty lean these days. I pay the 4 monthly bills he has each month out of the MM account.
I did this as I found an index card on his desk that kept track of his ATM withdrawals. He refuses to use his debit card. Anyway, most of the withdrawals were okay but then started escalating and in May he withdrew over $1,300 and I could not see what he could have possibly spent it on. We went to his lawyer so she could talk to him about how to protect himself and suggested that I open another account and leave his "pocket change" like she does for her mother. When we asked him about the money he could not remember what he had spent it on. The receipts I could find never totaled anywhere close that amount.
Even though he only has a certain amount to spend, he has withdrawn $520 in the last 3 weeks, his receipts total about $200 and he cannot remember where the rest has gone.
There are no new clothes or things that I can find in the house. He has recently had his license revoked by the State at his doctor's recommendation so it isn't going on gas or car upkeep.
I have heard that sometimes Alzheimer's/dementia patients hoard or hide money. Does anyone else out there have similar experiences? If so, is this normal? How, if any, can it be changed or managed?
He is angry and frustrated at me as I have taken over the control of most of the finances even though he admits he is not handling his money well.