Be careful whom you trust in Third Age
By ANN GOWANS
Monday, October 27, 2008
It’s a good thing to remember that legal instruments such as power of attorney, including health-care power of attorney, can become tools of manipulation, fraud and deceit. It is an unfortunate truth that getting hold of an older person’s estate and the authority to transfer their wealth into another person’s possession is a growing source of fraud and stealing that is being perpetrated against our oldest population.
Some say that the greatest transfer of wealth between generations in the history of the United States is unfolding, thus making many elders vulnerable to financial abuse, often unhappily involving those closest to them. Legal instruments such as the power of attorney and living trusts have become the tools of crimes against older people. Family members, as well as caregivers, often take advantage of vulnerable elders through undue influence. We are entering a time of uncertain financial futures for many midlife to aged folks. When people find that the holdings they thought they could count on for their future begin to evaporate, they cast about for a way to make that future more secure. Sometimes they look toward an elder.
As all of us watch our holdings slowly or quickly evaporate, we must be very attentive to whom it is we must ask to help us with chores or home care of all kinds and what kind of people we invite into our intimate society. More and more elders are not going to be able to afford the expensive care offered by an institutional setting, which usually offers some oversight regarding abuse of various kinds. This means that we will see thousands more old folks hire home care.
Be very sure whom it is you are bringing into your home or whom you are asking to come and take care of your loved ones. Look into their background and alert your bank, financial adviser, lawyer and the office of public administrator, if necessary, to ensure that all is well and your loved elder is in safe hands. Rocky times lie ahead, and vigilance is our best protection.
Abridged
SOURCE: Columbia Daily Tribune
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