By Tara David, Attorney | Contributing Columnist A recent article by Martin Lenkowsky in The
A recent article by Martin Lenkowsky in The New Pelican discussed criminals impersonating agents from the Social Security Administration (SSA). This article sparked some ideas I’d like to share about preventing elder financial abuse and how it relates to guardianship and estate planning.
When naming a fiduciary agent, such as a trustee or durable power of attorney, be super thoughtful. I’ve seen so many terrible things happen when a power of attorney gets in the hands of an unsavory agent. Remember, the power of attorney document can be used immediately by the agent you name.
Always remember to review your agents periodically and make sure that you still have a trustworthy person named in your documents. If anything has changed, you should call your attorney immediately so he or she can revoke the document naming the power of attorney. This revocation should be served on the agent, so they have notice that they cannot use it. Also, contact your financial institution and let them know formally that the document has been revoked.
If an elderly person gives you permission, you may want to review their financial statements. Careful monitoring will allow you to catch the activity before anything gets out of hand. Also, be aware of any new close relationships the elderly person forms, whether by phone or in person. According to the FBI, Florida seniors reported losses of more than $40 million to romance scams in 2023. These scams are done remotely as individuals prey on the vulnerable elderly by creating a false relationship.
If you have evidence that an elderly person is being financially exploited, of course the first step is to contact the authorities. I would be happy to share many resources. If the elderly person is incapacitated and vulnerable, we may need to file for guardianship which allows you to take over their finances and even personal care. This proceeding is done through the court by an attorney and is truly a last resort.
Proper estate planning and taking precautions can help prevent many of these issues, however, never be afraid to seek help. Cheers to peace of mind and smooth sailing ahead!
Tara David, Esq. of Estate Law of Florida, P.A. is located at 2211 E. Sample Road (Suite 101) in Lighthouse Point. Visit elflorida.com, email [email protected], or call 954-951-7274 for more information. Tara David offers complimentary consultations for estate planning, guardianship, and probate matters.