CAN FAMILY MEMBERS BE TRUSTED?
Not long ago, the American Bar Association reported a heart-wrenching tale of a senior and her son. Mom gave her son Power of Attorney, sold her home and gave the money to the son. The son had promised to use the money to build an addition to the home where mom could live, INDEPENDENTLY.
Months passed an no construction happened. The son then dropped mom off at a nearby hospital and refused to pick her up. After a stay at the hospital, mom had to go, but where? Mom, having given her son all her money suddenly found herself impoverished. And what was worse, since mom gave her son the money, she was not eligile for Medicaid to cover nursing home costs!
Such stories are, unfortunately, not uncommon. While many would expect "trusted advisers" to take advantage of seniors, studies have shown that family members are more likely than strangers to exploit their elderly relatives. While in most cases, family members sacrifice selflessly helping a senior loved one but this is not always the case. One study showed that 60% of substantiated Adult Protective Services cases involved an adult child. Studies have also shown that grandchildren and other family members are equally as likely to financially abuse a senior.
When it comes to handling your day-to-day financial chores, consider using a professional who has your best interests at heart. While many try to avoid the costs by having a family member manage the finances, one always needs to be aware, "Who Can You Trust?"
Our Guardian Angel Protection services provide help with your routine financial tasks at reasonable costs. For more information, visit our Services Page.