Elder law has a serious financial abuse problem

Powers of attorney are common estate planning tools. Many people in Texas use these documents to make sure that their medical and financial wishes are respected even if they are unable to make decisions on their own. Sadly, there is a significant amount of abuse within this area of elder law.

Abuse of the elderly often brings to mind physical abuse or neglect, but this is not the only way in which another person might harm an elderly individual. Financial abuse constitutes a significant threat to elderly individuals' ability to support themselves during their later years. Many of these individuals have spent their whole lives saving toward retirement and end-of-life care, but a MetLife survey found out that there is a $2.9 billion financial abuse problem among the elderly.

Much of this abuse occurs through misuse of power of attorney privileges. Many people often feel obligated to make their eldest child or closest living relative the person named in their financial power of attorney, but this is often an extremely misguided approach. Proximity to a person does not mean that the individual is trustworthy or capable of managing complex financial needs, such as long-term medical needs. Selecting the wrong person can also leave a person with virtually nothing. Financial abuse by emptying out an elderly person's financial accounts is a serious and real problem.

Texas residents should give considerable thought into who they name in their powers of attorney. These individuals have significant legal rights to make financial and/or medical decisions. Those who are unsure of their decision or otherwise considering these matters may benefit from speaking with an attorney who is experienced in elder law.

No Comments

Leave a comment
Comment Information

Contact Kolb & Murray, P.C., at 830-386-4801 to schedule your initial consultation with an experienced law firm devoted to serving you, your family and your business.

Send Us An Email

Contact The Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Kolb & Murray, P.C.
515 East Court Street
Suite 100
Seguin, TX 78155

Phone: 830-386-4801
Fax: 830-372-2320
Map & Directions

American Academy of Attorney-Certified Public AccountantsAn experienced law firm dedicated to serving you, your family and your business.