Friday, June 03, 2011

Preventing Elder Financial Abuse

I received an email the other day from the Chairman of the Elder Law Section of the Virginia Bar Association.  As a Council Member, I was asked to review proposed legislation that will be offered in the nexy session of the General Assembly to make it easier for Commonwealth Attorneys to prosecute those who commit elder financial abuse.  In my practice I have seen many circumstances where financial abuse of an elder is suspected, but unless the abuse is tantamount to outright theft, it is often hard to prove.

Often it is the Agent under a Durable Power of Attorney that is suspected of elder financial abuse.  Yet by being the named Agent, the person does have many financial powers.  The trick is to proved they have used these powers to either waste the elder's fund, misuse the funds, or outright theft.  Other times it is a family member or friend that unduely influences the elder to spend money or give them gifts.  This could be as simply as a child driving mom to the bank to withdraw money.  We must all be vigllant when is come to protecting our elders.

The MetLife Mature Market Institute has prepared tips to follow to prevent abuse.  They can be found at:

http://www.metlife.com/assets/cao/mmi/publications/studies/2011/Tips/mmi-preventing-elder-financial-abuse-older-adults.pdf

and

http://www.metlife.com/assets/cao/mmi/publications/studies/2011/Tips/mmi-preventing-elder-financial-abuse-family-caregivers.pdf

Further, if you need a Durable Power of Attorney or wish to have one reviewed, don't hesitate to give us a call.  A power of attorney is not just another form, it is a powerful document that must be tailored to your needs.