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- $6.4 million fine for companies guilty of scamming seniors with pricey legal plans...
Posted on 10/22/2009 - Preparing a living trust for your children? Don’t forget to name a guardian...
Posted on 9/30/2009 - An unusual type of trust is becoming popular...
Posted on 8/31/2009 - Can you make your trust a beneficiary of your IRA?...
Posted on 8/31/2009 - Financial elder abuse cases on the rise as economy continues to struggle...
Posted on 7/29/2009
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Living Trusts
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- Lessons On Probate and the Benefit of a Trust From Michael Jackson's Estate Distribution
- Myths about Revocable Living Trusts, Lawyers and Estate Planning. You want the best Elder Law Attorney and Estate Planning Attorney on your side. Call us for a FREE consultation at (800) 879 0984
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News
Financial elder abuse cases on the rise as economy continues to struggle
Posted on Jul 29, 2009
The sour economy is having an unexpected impact on elder Americans: their children are increasingly turning to them for financial help. Unfortunately, some family members are crossing the line when seeking financial assistance from their elderly relatives, leading some financial planners and attorneys to claim abuse.
Elderly individuals who are mentally or physically frail are the most at risk of being taken advantage by others, either because they can’t push back or because they are not capable of making decisions in their own best interest. Sadly, some family members use emotional blackmail to get what they want, as elders fear losing contact with loved ones if they don’t accede to demands.
There are a variety of way that elders can be taken advantage of financially. For example, a child could convince an ailing parent to put their home into joint tenancy ownership so that when the parent passes away the child inherits the entire house – even if the parent intended to split the home among all children.
Sometimes children take advantage of being in control of a trust or power of attorney for a parent. A cash-strapped child may take money to pay off debts when the funds should be used to care for the parent or should be distributed fairly among siblings upon the parent’s passing.
To avoid being taken advantage of, experts recommend that elders have a trusted friend or family member regularly review financial documents for inconsistencies or signs of abuse.
Read More About Financial elder abuse cases on the rise as economy continues to struggle...
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