Retirement of Mental Faculties

Jeff Marshall’s latest blog column, “Aging and Financial Decision Making – How to Protect Yourself,” is a well-written and enlightening discussion of the relationship between aging and cognition. Anyone who is aging or knows someone who is aging (not a vampire, werewolf or ghost) should read Jeff’s column. To summarize Jeff’s thesis in 25 words, he explains that everyone’s ability to process complicated concepts and understand sophisticated investments declines with age, but few recognize this progressive loss of cognitive ability.

In other words, our faculties may be retired and we think they are still on the job. Jeff recommends sound estate planning and sound relationships with trusted advisers. This helps to curb making risky decisions or falling prey to sharp dealers as our cognitive abilities inevitably go into eclipse.  Jeff’s column is well worth reading, as is the report on which it is based. Click here for the report summary.

John B. Payne, Attorney
Garrison LawHouse, PC
Dearborn, Michigan 313.563.4900
Pittsburgh, Pennsylvania 800.220.7200

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