Subscribe: Powers of Attorney – New Economic Woes Threaten the Elderly
With the current economic downfall, the elderly face an increased threat of losing their assets to unscrupulous family members. Elder financial abuse cases will most likely rise as adult children, facing job loss, foreclosure and repossession, take advantage of their parents through the use of financial powers of attorney. The following scenario can occur in any city and state, including my workplace in Riverside, California:Mom is in her eighties, widowed and lives alone in her home that she has owned free and clear for many years. Her son has just been laid off from his job, and his wife’s hours were cut in half. They were already in debt, behind in credit card payments and recently received notice that they are seriously past due on car payments and repossession may occur.Frantic, this couple discusses their options and concludes that they will soon lose their home and transportation unless something is …
