How Florida Seniors Can Avoid Financial Exploitation by Relatives ...

Florida seniors are frequently the victims of financial exploitation, many times at the hands of their own children. Here are six tips to keep yourself ? or your loved ones ? safe:

1. Establish a Florida Estate Plan with a professional, trustworthy Estate Planning Attorney while you are relatively healthy and mentally fit. This is perhaps the most meaningful way to protect your assets, but choose your agents or trustees wisely.

2. Choose an agent or power of attorney with great care, and do not let yourself be pressured into changing agents against your better judgment. For example, a trusted friend is probably a better choice than an adult child with out-of -control debt or a substance abuse problem.

3. Open a ?convenience account? at your local bank rather than adding an adult child to the account as an owner. A convenience account will allow somebody else to write checks and pay bills, but will not make them an ?owner? of the account. That could be especially important for asset protection if the child has debts they cannot pay. If they are an owner on the account, your assets are fair game for debt collectors.

4. Keep control of your assets. Do not start signing over assets you need to meet expenses simply so your heirs can avoid probate. Florida probate can be an expensive hassle, but setting up a Trust can help avoid probate and protect your assets.

5. Do not add an adult child to the title of your house. Your house could be in jeopardy if the child ends up in financial hot water, whether through careless spending, a severe accident or a long term illness. Your child?s creditor can go after your house to settle debts if the child?s name is on the title.

6. Tell somebody you trust if a relative or friend is financially pressuring you to do something you do not want to do. The trusted person can intervene on your behalf.

The Dorcey Law Firm, PLC is a Florida Estate Planning, Asset Protection and Business Planning law firm with offices in Fort Myers, Florida and Naples, Florida. Our firm is dedicated to its clients, the rule of law and the betterment of the Southwest Florida community.

It is our goal to provide our clients with the highest level of legal services in the areas of Last Will and Testaments, Probate and Estate Administration, Living Trust, Irrevocable Trusts, Estate Planning, Asset Protection, and complete Business Planning. If you or someone you know needs information on Florida estate planning, please contact us today at 239-418-0169 to schedule your free consultation.

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Source: http://www.fortmyersestateplanning.com/?p=2196

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