“The person you named 10 years ago to be your power of attorney isn’t necessarily the correct fit for today and could be the wrong decision when a person reaches 65 years old.”
Powwow, LLC was interviewed by Financial Advisor Magazine to discuss FINRAs upcoming February 2018 regulations for reporting and preventing financial elder abuse. FINRA Rule 2165 empowers regulated advisors to place temporary holds on fund withdrawals or security transactions from the accounts of customers where there is a reasonable belief of financial exploitation.
Over the years I’ve seen situations where seniors are either isolated or estranged from family, which makes them a prime target for thieves. Even if a senior does have family acting on their behalf to review accounts and refute transactions the relationship may toxic. “In some cases, the senior doesn’t have a trustworthy family member or friend who actually cares, which leaves me nowhere to go with any concerns.” I’ve also gone to enough lectures on elder abuse through my local elder services to know that seniors can be taken advantage of by their own children.
Read the full story at Financial Advisor Magazine.
If you have a parent that’s having a hard time with the idea of transition, consider scheduling a free consultation to discuss how we can work together to create a plan of action.