Oct
17
2017

Prevent Financial Abuse: Financial & Estate Planning

Financial and Estate Planning:

One of the best ways to prevent financial elder abuse, is to make sure that you know what your financial assets are at all times. You should be in contact with your financial advisor on a regular basis to determine whether there have been any changes to your accounts. Do not be afraid of calling him or her to ask questions. Find out if your required minimum distributions from your qualified accounts, like IRA’s, are being made properly. Ask if you have any outstanding life insurance or long term care insurance. Have a discussion regarding your financial needs and income, and whether your accounts and investments should be reviewed or reallocated.

Check your bank balances on a regular basis. You should know what your monthly bills are, and how much money you have in your accounts at all times. You can arrange with your bank to view your accounts on line. If you need help paying your bills or managing your accounts, you can ask a trusted friend or family member. There are also professional fiduciaries who can assist you in paying your bills.

Never have your estate planning documents, such as your revocable living trust and financial durable power of attorney, updated by non-attorneys or document preparers. There is much involved in estate planning, and you may be creating more problems for yourself and your family by not having an attorney help you.

Michael J. Young

Elder Law and Asset Protection Attorney

Medi-Cal Attorney Walnut Creek

1931 San Miguel Dr. Ste., 220

Walnut Creek, CA 94596

925-256-0298

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