Facing Alzheimer’s Together: Managing Cognitive Decline

May 19, 2025

Watching a loved one slowly lose their memories and sense of self is one of the hardest things a family can face. Today, more than 7 million Americans have Alzheimer’s disease. This number is expected to rise quickly as the baby boomer generation gets older. With advancing age being the leading risk factor, the emotional and practical implications of this disease are becoming increasingly important for families to address.

“Alzheimer’s is now one of the leading causes of death in the U.S., and with the 65+ population expanding rapidly, the number of affected individuals is expected to climb significantly,” says Monica Moreno, senior director of care and support at the Alzheimer’s Association. “One in nine people over the age of 65 lives with Alzheimer’s, and nearly one in three older adults dies with Alzheimer’s or another form of dementia.”

Alzheimer’s is a progressive brain disease that gradually impairs memory, judgment, and the ability to complete daily tasks. It is one of many types of dementia. It can cause emotional and financial stress for families. They must care for loved ones who are trying to stay independent.

Recognizing the Early Signs

As loved ones age, occasional memory lapses are normal. But how do you distinguish typical forgetfulness from something more serious?

The Alzheimer’s Association lists 10 early warning signs to look for. These include confusion about time or place, trouble planning or solving problems, and changes in personality or mood. Spotting these early can make a real difference.

Routine check-ins and attentiveness to changes in behavior can help uncover problems early. For example, stacks of unopened mail or missed bill payments may signal cognitive decline. A visit to the primary care physician—ideally with a trusted family member present—can help assess whether these changes are within the range of normal aging or signs of something more serious.

Financial advisors, accountants, and long-time attorneys can notice changes in behavior that show a decline in capacity. These professionals can be valuable allies in early detection and planning.

Emotional Dynamics and Family Conversations

Families dealing with dementia face more than medical and financial issues. They also face emotional challenges that can strain close relationships. Dr. Timothy Habbershon of the Fidelity Center for Family Engagement advises families to “stay relational” and establish guiding principles early in the process. “Be empathetic, but also courageous in opening the lines of communication. Acknowledge fears and work as a team to define roles and responsibilities.”

He suggests practicing “processing out loud,” a technique that helps bring feelings and thoughts into alignment. Saying, “I’m worried about this diagnosis and how it will affect us,” shows your concern.

It also expresses a desire to stay connected. This can help us support each other. It encourages honest and meaningful conversation.

This process also includes having tough conversations about finances, caregiving, and legal matters—ideally before the person with dementia loses the ability to participate. Without documents like powers of attorney or health care directives, it is difficult to protect a loved one's wishes. This is especially true for those with cognitive issues. It can also be challenging to manage their finances.

Planning for Care and Costs

Alzheimer’s is not only emotionally taxing but also financially draining. Medicare does not cover long-term care, and a diagnosis alone doesn’t qualify someone for skilled nursing services.

That's why it's important to work with a financial advisor. They can help you look at long-term care insurance and other savings strategies. If there’s a family history of dementia, early planning can unlock access to better facilities and treatment options.

“Alzheimer’s is a progressive condition, which means the needs—both financial and personal—intensify over time,” says Moreno. “Planning ahead gives families a better chance to preserve quality of life.”

Starting the Conversation

Starting a conversation about aging and memory loss is not easy. However, putting it off can make things much worse.

Harriet Warshaw, advisor to The Conversation Project, stresses the importance of talking early. “People think they have endless time to discuss end-of-life care or financial wishes, but life is unpredictable,” she warns. “Gather your family now and listen to what matters most.”

To guide these discussions, consider the following tips:

●      Choose a calm environment. Skip busy dinners or chaotic settings—opt for quiet, uninterrupted moments at home.

●      Be compassionate and specific. Express concern with care. Reference specific incidents that raised red flags.

●      Agree on a plan. Talk with siblings and close family members in advance to present a united, calm approach.

●      Recognize it’s ongoing. This is not one big conversation—it’s a series of discussions over time.

Embracing Interdependence

Aging naturally shifts us from independence to needing support. Families that embrace a mindset of “interdependent humility,” as Habbershon describes it, will navigate this transition more gracefully. Accepting and planning for mutual reliance creates space for more honest, less defensive relationships.

Practical ways to foster interdependence include:

●      Reviewing and updating estate plans.

●      Clarifying financial beneficiaries and healthcare proxies.

●      Storing and sharing essential documents and passwords securely.

●      Discussing and documenting care preferences.

●      Maintaining transparency around decisions.

Moreno says that while we wait for better treatments, some are already approved by the FDA and look promising. Early detection and planning are our best tools.

Bottom Line

Facing Alzheimer’s isn’t a journey anyone should take alone. While the path can be overwhelming, open communication, early planning, and a supportive network can ease the burden. By recognizing the signs early and preparing for the road ahead—emotionally, legally, and financially—families can uphold their loved one’s dignity and ensure their care reflects what matters most. Alzheimer’s may change how we live, but it doesn’t have to define how we love or how we show up for each other.

Sources:

https://www.fidelity.com/viewpoints/personal-finance/alzheimers-and-dementia

Disclosures:

This information is an overview and should not be considered as specific guidance or recommendations for any individual or business.

This material is provided as a courtesy and for educational purposes only.

These are the views of the author, not the named Representative or Advisory Services Network, LLC, and should not be construed as investment advice. Neither the named Representative nor Advisory Services Network, LLC gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information.