Elder Care Advice: Risks of Not Being A Parent’s Financial POA

elder care advice - A photograph of a pen and a paper on a desk.

Here’s a bit of elder care advice that is important to heed.

If you have elderly parents and are their only child, an important piece of elder care advice is that it’s important to discuss your taking on the role of Financial Power of Attorney (FPOA).

To illustrate how things could take a tragic turn if you don’t become your parent’s POA, you might want to watch the 2020 movie, “I Care A Lot” (it’s on Netflix). In this movie, a crooked court-appointed Guardian/Conservator seeks out elderly people who live alone and have no family members living in the area. Then, she gets the court to appoint her the legal guardian over the elderly victim. Subsequently, the crook proceeds to drain the life savings of her victims after placing them in a less than desirable nursing home.

As the movie depicts, a Guardianship and Conservatorship gives a court-appointed individual control over your parents’ personal and financial affairs. Consequently, such a move can leave them open to abuse and/or financial exploitation and ruin if the wrong person is appointed.

However, what if you – their only child – do not want to take on this responsibility over your parents’ personal and financial affairs? In such a case, it would be a good idea to work together with your parent(s) to find and assign both a financial and healthcare POA. This should be a dependable person in the event your parents are no longer in a condition to make important decisions for themselves. It’s important to assign someone both you, and your parent(s) trust. It could be a good friend, an attorney, or another relative.

There Is A Risk When A Court-Appointed Individual Is Given Power Over Your Parent(s)’ Estate(s)

If your parents’ personal and financial affairs were to be handled by someone assigned by the court as a Guardian/Conservator, this individual can sign contracts and negotiate obligations on their behalf of your parents without themselves being held personally liable. That means the Guardian/Conservator could buy property and make other major purchases making your parents estate liable. So, the risks are great if unknown and unscrupulous strangers gain control over your parents’ assets. Though the courts do have bond requirements and reporting protocols to address this risk, this happens more often than you can imagine. The important thing is not to let it happen to your loved ones.

The best way to avoid the risks of having a stranger assigned by the court as a Guardian or Conservator is for your parents to appoint a trusted agent under a financial and healthcare POA and then confirm their wishes via a conversation while they are healthy and of sound mind. Ensure that your parent(s) discuss topics with their POA agent(s) such as how they would like to be cared for and who they would want to entrust with their finances and healthcare should something happen, and they were unable to tend to their needs.

Avoid All Risks By Assigning POAs Before They Are Needed

Even if you never have to make use of a POA, you will eventually need to have someone assigned to be the executor of your estate once you pass. Being prepared and having people lined up to be POAs will help you and/or your loved ones from the risks of being abused or financially exploited. Having a conversation with an experienced and reputable attorney is also a good first step to arm yourself with the best and most appropriate information for your specific situation. We’ve are experienced in helping clients establish healthcare and financial POAs with their adult children and other relatives as well as trusted professionals. If you and/or your parents would like to discuss assigning someone as their healthcare and/or financial POA in more detail, give my office a call at 404-370-0696.

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!

Connect With Us

Strategy Session

Stacy McKenzie

21:58 07 Feb 24

Shannon and her team were great. Went in for a consultation and got my money worth. She explained and made sure we understood. I will be using them in the future.

Diane J

23:10 24 Jan 24

Waheed Hamid

18:55 17 Dec 23

We had excellent service from Shannon and her team, they are true professionals and helped us and explained every step in the process. We highly recommend The Estate and Asset Protection Law Firm.

Virgil Price Young

20:16 18 Jul 23

Stephanie Deal

15:22 07 Jul 23

My father and I recently used the estate, an asset protection, law, firm for new wheels, new, power of attorney’s, and a creation of a trust. Brooke and her entire team could not have been more helpful and more professional! We loved working with them, and they took everything seriously therefore I didn’t have to worry about a thing. I highly recommend everyone at the law firm.

Barry Amos

01:22 01 Jul 23

Great firm. Had answers to all our questions and explained everything clearly. Never felt rushed to make a decision Could not ask for a better experience. Every one we dealt with was professional and knowledgeable. We highly recommend this firm for estate planning.

Lee Jay

21:30 28 Jun 23

Shannon provided invaluable information regarding a family estate matter. Although her firm did not quite fit our immediate needs, the consultation was informative and extremely HELPFUL! Shannon clearly explained what our next steps should be and offered to assist if we had any questions along the way. Her expertise and willingness to help puts her in a league of her own!

Alice Guppy

02:01 23 Jan 23

Shannon and everyone at The Estate and Asset Protection Law Firm are professional, very knowledgeable, and a pleasure to work with. They answered all our questions in great detail and the plan they developed for us is exactly what we need to protect our assets and estate as we age especially with my husband's health issues.

Lynn McKibbin-Moore

23:09 24 Feb 22

My husband has dementia. This firm has been patient, kind and professional while we went through a move from a house of 37 years in to a condo to be closer to my daughter and her husband. (Miami to Atlanta). There was also a wedding. All in 6 months.We now have a trust, power of attorney. Wills for my daughter and her husband and more. All at a fair price. I could not recommend higher.

Tammy Lee

22:03 29 Jan 22

Shannon Pawley and her team are exceptional at helping families navigate tough situations. We began working with her upon finding out my father had Stage 4 kidney cancer. His decline was more rapid than expected.Attorney Pawley and her entire team expedited paperwork that allowed me to focus on my father’s care, make decisions that suddenly needed to be made for him medically and financially, and has allowed me the ability to focus more on grieving and less on legal matters upon his passing.It is obvious she is knowledgeable about the best ways to navigate estates to protect the assets for the owners and their loved ones. It is just as obvious that she is passionate and has true heart for what her clients go through.We will be using her for own estate needs, and I recommend her expertise to everybody I can.This service is worth every penny we paid as it has saved us more money and time than I could imagine.

H Jessie Brewer

18:26 18 Nov 21

Attorney Shannon Pawley and paralegal Alexis McCoy are legal professionals that my wife and I highly recommend. Their grasp of the Georgia law pertaining to Medicaid assistance and the interworking's of the State department is exceptional. Additionally, their client-attorney relationship skills are excellent. We wouldn't hesitate to use this law firm again should the need arise.

Dawn Hardy

15:06 13 Nov 21

Shannon and her team are the best! They listened to my needs and provided the best advice. They are patient and professional as well as personable, they didn't make me feel like I was just another client. Highly recommend!