People in California may have heard a lot about elder abuse and tragic stories of people having their life savings wiped out by someone who has taken advantage of them financially. Unfortunately in many of these cases, the damage may already largely have been done by the time the financial fraud or abuse is discovered, but there are remedies, both criminal and civil, for victims of financial abuse and their families.
Residents in California know that it's always a good idea to have a power of attorney, or POA, specifically provided in one's estate plan documents. It is crucial for people to have a designated representative appointed in advance, in case a person becomes incapacitated or otherwise unable to make important decisions for which they are responsible.
People in California may have seen a recent article in The Wall Street Journal about how many financial firms are now stepping up their efforts to identify and protect senior citizens against financial abuse, when their clients seem to be losing their mental and cognitive abilities. When clients start to exhibit warning signs of dementia or memory loss, some firms are taking steps to provide extra protections to ensure that these clients do not squander their money or fall prey to financial predators.
People in California know that senior citizens are among the most vulnerable members of society. As their health and mental ability sometimes starts to fade with age, family members and loved ones are faced with the difficult decision of what to do to provide for their care and keep them safe. Unfortunately, while loved ones are planning for their well-being, there are others out there with nasty intentions of exploiting them and taking their hard-earned wealth.
People in California probably have a lot of New Year's resolutions on their mind, as people strive to make 2014 better for themselves and their loved ones. This includes people who have elderly and aging parents and family members who grow more and more susceptible to health issues as the years go by. Many concerned children think a lot about their parents' health, but they may not fully appreciate the need to be concerned about their parents' financial well-being, as well.
Whether young or old, planning for the future or an untimely death is an important matter. Although it is often something one does not like to think about, it is something that should not be put off. Drafting documents for an estate plan can take place at any age or any point in a person's life.
Many people may choose to live, work and retire in California because it offers a high quality of life for people in every age group. Many senior citizens are happy to call California home, and spend their retirement years basking in the warm, temperate climate. There may come a time, though, when seniors need some help financially, and often this burden falls on their children. Perhaps even more difficult, though, is the situation that often occurs when seniors need someone to help them manage their own finances.