I am often asked how to avoid personal financial elder abuse down the road. The first step is setting up a Durable Power of Attorney to appoint someone you trust to handle your financial matters if you are not able to do so yourself. However, it is also important to make sure that a copy of the Durable Power of Attorney is given to the individual designated as your agent. Copies should also be given to your bank, credit union, broker and/or financial advisor now so that these financial institutions are aware of this document well before you need to use it.
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Jun 272008
Many people give to charities during their lifetime, but never think about making a gift to those charities at death. Leaving a legacy can be very simple. You can make provisions for a charity in your Will, your Living Trust or you can provide for a charity to receive the benefits of your life insurance or annuity. Merely telling your children to take a portion of their inheritance and give it to a charity of your choice is not enough. It needs to be in writing.
Setting up a complete estate plan and identifying people you trust to act under a Durable Power of Attorney, Patient Advocate and a Revocable Trust is the first step to protecting your assets. The next step is collecting information on local care givers who can assist you with home health care and organizations that could assist you with everyday bill paying while you recover from an illness or until your Trustee takes over.
Our office can provide you with a variety of resources who perform these daily financial and medical needs.
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