Wednesday, October 3, 2012

Financial Elder Abuse

Recently the television game show Family Feud came to mind.  Reading this article on elder abuse called up the phrase "survey says", and sadly the number one thief is a family member, underscoring the phrase "family feud".  Yes, sadly it appears that family members are they most likely people to commit financial abuse of our nation's seniors.  Proximity is probably at the core; people name their kids, even if the kids aren't the the best choice.

During my seminars on estate planning and probate I always caution people not to list agents on power of attorney for finance or health care with a knee jerk response.  "I'll name my son because he was the first born" is not the answer I want to hear.  I urge my clients to consider who is right for the job, who has the right skill set and personality.  If you have a child that is struggling financially, makes bad decisions, is impulsive, does not get along with others, etc., he or she is not the right fit for your POA.  No parent wants to admit that a child is not up for the job, but parenting never ends and they are in the best position to know who will do the job well.

As always, do not use a blog post for legal advice.  Counsel for a licensed attorney in your state is essential.  Thanks for reading, and I will be back tomorrow.

No comments: