A previous post on this blog discussed how careful estate planning can prevent an aging resident of Rochester, New York from falling victim to financial exploitation. Although many New Yorkers would realize that a pattern of financial exploitation, once it has run its course, could leave an elderly person penniless, it may also be helpful to know the early signs of exploitation so as to prevent the issue from getting worse.
The importance of seamless estate planning
People tend to put off estate planning and elder planning far longer than they should. Some choose a piecemeal approach, making plans for one thing or another over a period of months or years. Delay and the lack of a cohesive plan can cause many problems when it comes to your legacy. They can lead to unnecessary tax liability. They can frustrate your intentions. They can even lead to disputes that tear families apart. It is important to make a plan with a clear and consistent vision of what you want for the future.
Estate planning to prevent financial exploitation
As we age, it is a sad truth that we draw the attention of people looking to take advantage. Older Americans are heavily targeted by individuals and groups looking to defraud them of the assets they've accumulated over a lifetime. An elderly person who is not in full control of their financial situation could find themselves destitute in a matter of months.
To give or not to give? That is the question
A previous post on this blog urged Rochester, New York, residents who were thinking about drafting a will to resist the temptation to just give away property to his or her loved ones immediately. As that post pointed out, the problem with doing so is that it leaves a person without the ability to control his or her own property. This can be a scary prospect even for families that seem to be loving and close-knit.
Traps to be aware of when drafting a will
According to a report in a major New York media source, more and more people in Rochester and in other communities are writing wills earlier in life. What was once a ritual for people hitting their "empty nest" years is now an exercise even younger people with small children are taking on.
Overview of guardianships in New York
Many people in the Rochester area recognize as they continue to age that one day, they will not be able to continue to handle their own financial affairs without some assistance. In some cases, the person may not even be able to make sound decisions about their own living arrangements and basic needs.
