Fong Law Group

Online Survey Helps Older Adults Assess Their Financial Vulnerability

All older Americans are vulnerable to financial abuse, but there are certain circumstances that make someone more likely to be scammed. An online survey can help older adults (or their caregivers) assess their risk of being exploited based on how they make financial decisions. 

It is hard to ascertain the exact number of people affected by financial exploitation because studies show that elder abuse is underreported. However, one study found that monetary loss from financial elder abuse could be close to $3 billion a year. 

Experts have found that there are certain risk factors that can help indicate when someone is more likely to fall prey to a financial scam.  Peter Lichtenberg, director of the Institute of Gerontology at Wayne State University, found that older adults’ physical and mental health, along with their family and friend network, help predict their financial vulnerability. 

Lichtenberg has created a website (www.olderadultnestegg.com) with resources for professionals, older adults, and family members to assess whether someone is at-risk. He provides trainings for caregivers on how to determine if a loved one is experiencing cognitive decline and how to spot financial mismanagement. The website also includes a financial vulnerability survey that assesses a person’s risk of exploitation by asking 17 targeted questions. At the end of the survey, participants get a low, moderate, or high risk assessment. There are also resources to direct older adults and caregivers on how to get help. 

To take the survey and see the resources, click here.  

Online Survey Helps Older Adults Assess Their Financial Vulnerability

All older Americans are vulnerable to financial abuse, but there are certain circumstances that make someone more likely to be scammed. An online survey can help older adults (or their caregivers) assess their risk of being exploited based on how they make financial decisions. 

It is hard to ascertain the exact number of people affected by financial exploitation because studies show that elder abuse is underreported. However, one study found that monetary loss from financial elder abuse could be close to $3 billion a year. 

Experts have found that there are certain risk factors that can help indicate when someone is more likely to fall prey to a financial scam.  Peter Lichtenberg, director of the Institute of Gerontology at Wayne State University, found that older adults’ physical and mental health, along with their family and friend network, help predict their financial vulnerability. 

Lichtenberg has created a website (www.olderadultnestegg.com) with resources for professionals, older adults, and family members to assess whether someone is at-risk. He provides trainings for caregivers on how to determine if a loved one is experiencing cognitive decline and how to spot financial mismanagement. The website also includes a financial vulnerability survey that assesses a person’s risk of exploitation by asking 17 targeted questions. At the end of the survey, participants get a low, moderate, or high risk assessment. There are also resources to direct older adults and caregivers on how to get help. 

To take the survey and see the resources, click here.  

CAN YOU NAME MORE THAN ONE PERSON AS YOUR POWER OF ATTORNEY?

Granting someone power of attorney means that you are giving them the authority to make important decisions on your behalf should you be incapable of making them yourself. The scope, duration, and other specifics are up to you. While the laws vary in each state, it’s usually as simple as drafting a document or filling out a form and then signing it in front of witnesses or having it notarized. You can choose someone to act as your agent when it comes to handling medical decisions, managing financial matters, or both.

In some situations, you may choose to have different types of decisions handled by more than one person. For example, you may want to leave your adult son in charge of making medical decisions for you if you become incapacitated while putting your financial responsibilities in the hands of your adult daughter.

You can also be more detailed about the type of authority each person will have. Perhaps you want all of your grown children to be involved in making your financial decisions, but you want one child in particular to handle the sale of your home while the other manages your bank accounts to pay off debts and taxes. These specific designations can be addressed in your documents.

Another option to consider, when having more than one power of attorney, is whether they can act alone or if they have to make decisions together. Giving each agent independent authority will allow them to act without the other agent(s) being involved. If you’re unsure about how well any particular agent can handle such responsibilities, you can include language in your power of attorney documents that would require both or all agents to work together and sign off on these decisions.

While you do have the right to name more than one person as your power of attorney, remember that allowing too many people to have a say can create conflict and chaos. Be sure to discuss your wishes with each of the people who you will choose to act on your behalf so that they are aware of what will be required of them including cooperation with your other agents.

Estate Planning Attorney Can Help Deal with Sibling Rivalry 資產規劃律師可以幫助處理兄弟姐妹之間的競爭 (中英對照)

“The problem is that my parents want to designate me as their power of attorney, for both health care and financial decisions, since I live in their community. Unfortunately, my siblings feel slighted.”

The reader who posed this scenario is not alone in facing siblings who live far away but feel like they are not being included in their parent’s plans. For this family, one sibling lives 500 miles away and another lives 800 miles in the opposite direction. The one daughter who lives in the same community is the logical choice for power of attorney. What can be done?

According to the Faribault Daily News article “Attorney can smooth path for families making legal plans,” the problem likely has its roots in sibling rivalry, since it’s an emotional response to a sensible decision.

The parent’s foresight in updating their estate plan and related legal documents is to be congratulated. The one adult child who lives in their community is the best choice for power of attorney for medical and financial decisions, so they can quickly handle an emergency situation.

The parents have assigned the other two adult children as secondary POAs and everyone has already been informed that they will all receive equal shares in the estate. The out-of-town siblings should be happy at how fairly and expeditiously their parents are taking care of in these matters.

Adults need someone to be named to handle health care and financial decisions, if they become incapacitated and need someone else to make decisions. Having a POA puts others in place to take over any tasks. Having a secondary POA designates someone to step in, if the primary is unable to act.

When someone choses a POA because they don’t want to hurt any feelings, the result is often disastrous.

Some states also allow what is known as a “co-agent.” so that decisions are made together. But in an emergency, if the other person is not immediately present and time is an issue, this can lead to critical situations being unresolved.

One way to soften this kind of situation is to have the entire family meet with the estate planning attorney in a family meeting. With a professional who is not emotionally tied to the family dynamics, decisions can be explained, and cooler heads may prevail.

If you’ve been putting off making decisions about your estate plan because of worries about hurt feelings, make an appointment to meet with an estate planning attorney and discuss speak a family meeting. There are few scenarios that experienced estate planning attorneys haven’t seen. They will know how to handle it best, so that your plan is completed, your family is protected and hurt feelings are soothed.

Reference: Faribault Daily News (August 28, 2018) “Attorney can smooth path for families making legal plans”

“問題是，由於我住在父母的社區，他們希望將我指定為他們的醫療保健和財務決策的代理人。不幸的是，我的兄弟姐妹感到被忽略。”

提出這種情況的讀者並不是唯一一個有居住在遠方的兄弟姐妹，因為他們覺得沒有被納入在父母的計劃中，而感到受忽略。對於這個家庭來說，一個子女住在500英里外，另一個住在800英里的相反方向。住在同一社區的女兒是授權書代理人的合理選擇。還有些什麼可以做？

根據法裡博日報的文章 “Attorney can smooth path for families making legal plans,” (律師可以為家庭製定法律計劃) 這個問題可能源於兄弟姐妹之間的競爭，因為這是對明智決定的情緒反應。

要祝賀父母及時更新其資產計劃及相關法律文件。和父母一起生活在社區中成年子女是獲得醫療和經濟決策授權的最佳選擇，因此他們可以快速處理緊急情況。

父母已將另外兩名成年子女分配為後備代理人，並且每個人都已被告知他們將全部獲得遺產的平等份額。外地的兄弟姐妹應該對他們的父母公平地和迅速地處理這些問題感到高興。

成人需要有人來處理醫療保健和財務決策，如果他們變得無行動能力並需要其他人做出決定。授權書可以讓其他人接管任何工作。如果主要代理人無法採取行動，則後備代理人可補上。

代理人的決定是基於不想傷害別人的感情，結果往往是很嚴重的。

一些州還允許所謂的“共同代理人”，他們要一起做出決策。但在緊急情況下，如果另一個代理人沒有立即出現並且時間緊迫，這可能導致危急情況無法解決。

緩解這種情況的一種方法是讓所有家人與資產規劃律師見面。如果專業人士在情感上並沒有參與家庭糾紛，那麼就可以解釋決策，而人們的情緒便會冷靜下來。

如果您因為擔心傷害感情而一直在推遲對您的資產計劃做出決定，請預約與資產規劃律師會面。有經驗豐富的資產規劃律師見過各種場面。他們將知道如何最好地處理，以便您的計劃完成，幫助您的家人受到保護，受傷害的感情得到安慰。

參考: Faribault Daily News (August 28, 2018) “Attorney can smooth path for families making legal plans”