By-and-large, there are good people in the world. Unfortunately, there are a few among us who take advantage of those less fortunate. For instance, I read an account of an elderly man suffering from dementia who had a penchant for giving his money away to ‘damsels in distress.’ His daughter tried all she could to protect her father, but the legal system, and nefarious females, were of little help.
The article, There’s No Law Against Making Stupid Decisions, did point out a few ways his daughter could have approached the situation, such as securing a Durable Power of Attorney or seeking Guardianship for her elderly parent. However, when seeking assistance, the daughter was lead to believe her father was “entitled to his folly” by Adult Protective Services. I can imagine the frustration she felt coming up against suspicious activities and being unable to do anything to help. Thankfully, she received sound advice from AgingParents.com and was able to get things under control… but the financial damage was done.
If you have an aging parent in your life, be sure to have a discussion with them about managing his or her financial decisions should they become incapacitated. An uncomfortable conversation now can avoid a landslide of painful situations later.
Until next time, I’m Thomas Fox for Cambridge Credit Counseling.