WASHINGTON (10/30/13)--Tips to prevent elderly financial abuse and help newfound financial caregivers manage a loved one's funds were released Tuesday by the Consumer Financial Protection Bureau.
The guides will walk financial caregivers through their new duties, provide resources that will help them in times of need, and tell them how to prevent and address scams and cases of financial exploitation, the CFPB said.
The bureau crafted four separate guides for newfound financial managers that have been:
Named in a power of attorney to make decisions about money and property for a loved one;
Appointed by a court as guardians or conservators of property to manage money and property for someone who cannot manage it alone;
Named as trustees under revocable living trusts; or
Appointed by a government agency to manage someone else's income benefits, such as Social Security or veterans benefits.
The CFPB prepared the guides with the help of the American Bar Association Commission on Law and Aging.
"The Greatest Generation deserves our commitment to their economic security, and these guides will help us all to defend and protect them more effectively," CFPB Director Richard Cordray said.
Credit unions and others can order free copies of the manuals in bulk from the bureau.
The CFPB also added new information to its AskCFPB site, Cordray noted. Some of the information in the new fund management documents was drawn from AskCFPB submissions, he said.
For more, use the resource link.