Mentally Ill Aging Parent Controlling Family Wealth: What Can Be Done?

It is not surprising that we find mental illness across all age ranges. Being over 65 is no exception. Some adult children would probably say that things seem to get worse as their parent gets past retirement age. What we hear most often at AgingParents.com, where we consult with families of these elders, is that the senior in question is not getting any treatment for their mental health issues. They refuse medication and therapy.

The families who are struggling with this problem are not talking about a low level of wealth at stake. The aging parent who seems to be deteriorating mentally is sometimes the founder, CEO or has a controlling interest in a large corporation. There are vast sums at risk. The difficult elder is making rash decisions about how funds are being spent, or wants to undo years of success with changes to the business that look completely irrational to every other person and employee involved.