Asset Rich and "Old"- a guide to Dirty Conservatorships/Guardians

dreamgardenNovember 9, 2013

I am in the process of updating my financial affairs and came across this subject on the internet, which led me to this book. I borrowed it from the library and picked up a copy of my own.

Has anyone here had experience with others trying to take control of their finances? If so, what changes did you make that will protect you or your loved ones from this type of abuse?

"The financial affairs of perhaps as many as a million and a half aging adult Americans now are being managed against their wishes by court-appointed guardians or conservators. These people are not mentally ill, and they are not incompetent. But they are asset-rich and "old."

In the aggregate, senior Americans now possess unprecedented wealth and are living far longer than might have been expected even a couple of decades ago (mortality tables developed even in the 1960s are of limited use today). Not surprisingly, these circumstances have in some instances led to disappointment for expectant heirs and other beneficiaries of estates who may have "counted their chickens before they hatched." The problem addressed by Dr. Diane Armstrong's THE RETIREMENT NIGHTMARE" is that increasing numbers of such interested parties are using outmoded legal statutes to deprive even competent elders of control over their own financial and other affairs."

A link that might be useful:

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CA Kate

Really? This sure sounds like an ad for your book!

If not, get a good lawyer.... and a Living Trust.

    Bookmark   November 9, 2013 at 5:28PM
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Westelle, I did not write the book nor is the author compensating me in any way to recommend it.

I checked it out from my library. I thought the information was so useful that I purchased up a copy of my own so I could share it with others.
Everyone can think of at least one story of a relative, etc who scammed an elderly person.

Don't you think people here might be interested in the more seamy aspects of court appointed guardianships or conservatorships?

Even IF people have a good lawyer and a trust, it can still happen.

People need to know. I've been a member of the GW for quite some time, so you know I'm not just signing in to post spam.

Please at least try reading the book before thinking I'm posting something inappropriate.


    Bookmark   November 17, 2013 at 11:08AM
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Westelle--dreamgarden has been a member for many years and does post on other forums. I thank her for bringing this problem to our attention because we all have to watch out that any government group just does not step in and take over. I have seen way too much of this in my lifetime and we all need to be on guard. But thanks for being alert.

    Bookmark   November 17, 2013 at 11:21AM
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CA Kate

My apologies.

    Bookmark   November 17, 2013 at 11:13PM
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>>"...because we all have to watch out that any government group just does not step in and take over...">>

No GOVERNMENT group is trying to do this. It is unscrupulous individuals who take advantage of outright fraud or use specific legal loopholes to deprive an elderly person of their assets.

The link below lists several cases where fraud and financial elder abuse was successfully prosecuted BY those government groups on behalf of victimized seniors.

My MIL could easily have been one of these people. She is naive, financially unsophisticated, and suffers from MCI (Mild Cognitive Decline). A sympathetic, earnest, friendly con artist could snowball her in the proverbial blink of an eye. And frankly - 90% of her widowed friends are just as vulnerable. At least 50% of them have no children or lack family living close by.

One of her friends has a $4M estate and absolutely no one in the US to help her make decisions. Her nearest relative lives in Scotland!

Here is a link that might be useful: Archive: California Real Estate Fraud Report

    Bookmark   November 20, 2013 at 3:03PM
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