The Estate & Asset Protection Law Firm Owner, Shannon Pawley, Writes About The Risks Associated If An Adult Child Doesn’t Want To Take On The Responsibility of Their Parent’s Personal And Financial Affairs.
The Estate & Asset Protection Law Firm Owner, Shannon Pawley, elaborates on the perils that happen to elderly people who do not have loved ones or trusted professionals assigned to take care of personal and financial affairs.
DECATUR, GA, February ••, 2023: Shannon Pawley, Owner of The Estate & Asset Protection Law Firm, has posted a new article on the law firm’s website entitled “Risks of Not Being A Parent’s Financial POA,” in which Ms. Pawley gives a brief overview of how common it is for the elderly to fall prey to unscrupulous guardians.
Pawley writes, “If you have elderly parents and are their only child, it may be important to discuss your taking on the role of Financial Power of Attorney (FPOA).” She continues, “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 which a crooked court-appointed Guardian/Conservator seeks out elderly people who live alone and have no family members living in the area, gets the court to appoint them her legal wards. Then this character proceeds to drain the life savings of her victims after placing them in a less than desirable nursing home.”
“As the movie depicts,” Pawley explains, “a Guardianship and Conservatorship gives a court-appointed individual control over your parents’ personal and financial affairs –which can leave them open to abuse and/or financial exploitation and ruin if the wrong person is appointed.” She adds, “If you, as their only child, do not want to take on responsibility over your parents’ personal and financial affairs, it would be a good idea to work together with your parents to find and assign both a financial and healthcare POA to a dependable person in the event your parents are no longer in a condition to make important decisions for themselves. It’s important,” she adds, “to assign someone both you, and your parent(s) trust. It could be a good friend, an attorney, or another relative.”
According to Pawley, “If your parents’ personal and financial affairs were to be handled by someone assigned by the courts as a Guardian/Conservator, this individual can sign contracts and negotiate obligations on 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,” Pawley emphasizes, “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 entire article can be read HERE.
About The Estate & Asset Protection Law Firm
The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Shannon Pawley has grown her law practice by providing excellent customer satisfaction with personalized wealth protection plans.
About Shannon M. Pawley, J.D., LL.M
As the owner of The Estate & Asset Protection Law Firm, Shannon M. Pawley and her entire team share a passion which focuses on being able to serve the legal needs of retiring individuals. In our firm, WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability. We also believe that privacy and protection are the keys to personal peace. Born and raised in the Tidewater area of Virginia to a tightknit family with strong military service roots, Shannon learned from an early age the value of hard work and the importance of social awareness to ensure you always leave a situation in a better place than how you entered it. In her junior year of high school, Shannon served as U.S. House of Representatives Page during the 101st United States Congressional Session in Washington, D.C. This experience exposed her to numerous new cultures and worldly issues. Walking away from her experience as a U.S. House of Representative Page, Shannon knew that she wanted to pursue legal studies and be able to assist others in obtaining the best results available in difficult situations.
Shannon earned her undergraduate degree at North Carolina Wesleyan College and pursued a law degree from Michigan State University College of Law. After obtaining her law degree and becoming a licensed attorney in Michigan, she continued her educational pursuit by acquiring a LL.M. (Master of Law) in Taxation from Wayne State University. After moving to Georgia in 2018, Shannon obtained her Georgia law license and has enjoyed being able to pursue her desire of ensuring persons are able to age with dignity, grace and independence.
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!