Camp Rousseau Montgomery, LLP » crm Risk Factors

Financial Abuse Documentary

CRM,LLP — Tue, 08 Jun 2010 21:23:03 +0000

he Elder Financial Protection Network in partnership with Bank of the West and NBC Bay Area has produced a 30-minute documentary entitled Wise Money: Be Wise, Be Aware, Prevent Elder Financial Abuse.

Be Wise, Be Aware, Prevent Elder Financial Abuse

The documentary is a cautionary tale of the ways in which elders can become the victims of the crime of financial abuse. Among the topics covered are: who is perpetrating the crime, how they target victims and who those victims are; sweepstakes scams and exploitive care givers; consumer fraud from shady auto repair shops to contractors; and what you can do to protect yourself.

The program will air on Father’s Day, June 13 at 3:00 PM. It also can be viewed at anytime on YouTube.com by clicking here (presented in three ten minute segments).

Conservatorship Risk Factors: Durable Power of Attorney for Finances

Priscilla Camp — Wed, 01 Oct 2008 18:52:26 +0000

he risk factor we will examine here concerns your need to have a financial power of attorney, even if you already have a trust.

Most of our clients are aware that they may have one or more periods of incapacity before reaching the end of life, and have read enough horror stories to know about the need to complete an Advance Health Care Directive. But people often say to us, “I have a trust and all my assets have been properly transferred into it, so I don’t need a financial power of attorney, right?” Wrong.

A trust is a container, like a bucket. The Trustee in office at any given time controls the assets that are in it, such as real property, investment accounts, and tangible personal property that has been assigned to it. But many financial affairs and transactions are about other things. For example, most people have income from one source or another, and sometimes it is necessary to communicate with Social Security or an annuity company about that. Medicare is famous for sending notices that may require a reply. And what if an asset has been left outside the trust, or a home was taken out for re-financing and never put back in? While the trustee can manage the trust, someone else must address these things, because they are not in the trust.

Just as completing an Advance Health Care Directive is important, having a financial power of attorney is also part of a complete estate “plan”. As the word implies, the plan is about having someone in place to manage whatever you cannot, if you become incapacitated.

There is nothing more frustrating to us than having to launch a Conservatorship solely because there is no financial power of attorney, with or without a trust. No one document does everything. But a good set of documents should avoid the need for Conservatorship, and prevent a lot of turmoil for your family.

Click Conservatorship Risk Factors to see all of the posts in this series.

Conservatorship Risk Factors: Family Dynamics

Srinoi G. Rousseau — Fri, 29 Aug 2008 23:49:49 +0000

he risk factor we will examine here concerns your family’s dynamics combined with your not having an Advance Health Care Directive or Power of Attorney for Health Care.

As a practical matter, doctors and hospitals will look to the closest relative for medical decisions should you not be able to make them yourself. However, what happens if your family is one where there is a strong difference of opinions? Could this difference of opinions result in fighting? Take a close look at your family:

Are you in a blended family with stepchildren?
How strong are the personalities in the family?
How combative?
Are there strong different religious beliefs in your family?
Are there any family members with a mental illness that could make a family consensus difficult?

If there are any difficulties with your family in making decisions about your medical care, at some point the hospital will ask that a Conservator be appointed so that the hospital has one person legally responsible for your medical care.

Assuring Your Wishes Will be Followed

You can best take control of this situation now while you have capacity. By preparing and signing an Advance Health Care Directive or Power of Attorney for Health Care, you reduce your risk of Conservatorship of the Person. If you state your wishes, pick your agent and successor agent, you control what will happen if you become incapacitated. It also makes it easier for your family by eliminating future conflicts during what will be a stressful time for your family.

Click Conservatorship Risk Factors to see all of the posts in this series.

Conservatorship Risk Factors: Introduction

Srinoi G. Rousseau — Fri, 29 Aug 2008 09:41:18 +0000

ou are at risk of having a Conservatorship imposed upon you if you become incapacitated. As you know, incapacity can happen not only as a result of dementia in older age, but at any time. For example, you could become incapacitated as a result of a car accident, a stroke or heart attack. A Conservatorship should not be filed unless there is no other alternative, as the process is costly, procedurally complex, time consuming, and extremely stressful for a non-professional Conservator. Do you have some of the risk factors that may indicate that you might be someone who could have a Conservatorship filed against you?

Click Conservatorship Risk Factors to see all of the posts in this series.