There are few circumstances when your loved one should execute a financial power of attorney that gives their agent the immediate authority to make financial decisions. Financial powers of attorney are one of the easiest ways to commit elder financial abuse. The preferred method is to require that the agent’s authority is granted only after two qualified medical doctors declare in writing, under penalty of perjury, that the elder is mentally incompetent and unable to make sound financial decisions. Although still not foolproof, this requirement gives a great deal of protection against financial exploitation. A bad guy must now involve two doctors in order to carry out the rip-off.
It is always possible that the perpetrator will simply have the elder execute a new power of attorney that revokes all prior powers and gives the agent the immediate authority. When family members and friends are actively involved in the elder’s life, the crook will have much more difficulty in accomplishing this without being caught. When the elder has no immediate family or friends, the odds of being financially abused are greatly increased. However, there are still some preventive measures that can be taken to reduce the risk.
Speak with bank personnel and other financial institutions where the elder’s money is invested. Show them the power of attorney and explain that its purpose is to protect the elder in case someone tries to take advantage. Point out the added protection that requires two qualified medical doctors confirm the elder’s lack of capacity before the power of attorney is effective. Ask them to red-flag the elder’s accounts by placing a computer notation that the bank personnel should question any substantial withdrawals or unusual activity.
Many family members hesitate on broaching the subject of powers of attorney, in fear that their elderly loved one may take offence and tell them to mind their own business. Every family has their own unique dynamics. However, you can ease some of the awkwardness by doing some of your own research and sharing it with your loved one. Many counties agencies have informational brochures that explain the purpose in creating powers of attorney and how they can assist in financial matters. Delaying the discussion often results in no action being taken. Then, when the need arises, it is often too late because the elder no longer has the requisite mental capacity needed to execute the power of attorney. There is no surefire way to avoid financial exploitation of an elder. However, through education, discussion and assistance with the financial institutions involved, and with the help of a qualified elder law attorney, a power of attorney can be put in place that affords piece of mind that the chances of financial abuse are minimized.
Finding a good estate planning attorney is vital for the success of your estate plan. The best attorney would not be one who is just aware of the legal provisions related to how your estate would be transferred in the manner and to whom you want it to got to. He must possess other qualities also. First of all, he must be a team player. This is because crafting a proper estate plan is not the work of a single individual, but is the result of co-ordinated inputs by a team of accounting, taxation, finance, investment and legal professionals.
An attorney who focuses on real estate planning is much better placed to understand that estate planning requires much more than cut and dried legal advice. He builds a strong and long term relationship with you, which would in fact be much more than what generally exists between a professional and a client. He would help you through the intricate details of the legal requirements of transferring wealth and the related tax implications.
Additionally, he would want to lean the details of the aims that you might have regarding your estate. He would probe by having an intelligent dialogue so that you can express your desires and aspirations about yourself and those whom you love and care for.
A good estate-planning attorney would pay due recognition to all the other professionals from different disciplines, as he is aware of the importance of their contributions to the estate plan as a whole. He will ensure maintaining a meaningful dialogue with them, in the best interests of the client. Hence, you need to look for these traits, which are sure indicators of the quality of an estate-planning attorney. This is how you can find the best estate-planning attorney for your family.
Another good way to find an attorney or firm in your area that specializes in estate planning is to take a look at Cormac McEnery law firm in NYC. Their firm with thirty years of experience concentrating in estate planning, elder law, Medicaid planning, probate & estate administration, estate tax and estate litigation, positions us to provide the finest service. They make you a part of the process, encourage questions, and continually educate you in matters in which you may have little or no prior experience. Cormac McEnery provides highly personalized services to New York City, Manhattan, Bronx, Brooklyn, Queens, Westchester, Nassau and Suffolk Counties.
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