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Wednesday, October 24, 2012

Preventing financial abuse by power of attorney

The general public is gradually becoming aware that financial abuse of seniors is rampant, and growing. We'd like to think that it's as simple as guarding our parents from door-to-door scam artists, but it's not; much of the abuse happens at the hands of family members.

Front and centre in this whole debate is the Enduring Power of Attorney. While a useful tool for seniors, it can become the instrument of financial abuse in the hands of the wrong person. A pair of recent articles in www.advisor.ca address this situation. The article suggests that a trusted, long-term financial advisor can help prevent abuse of a senior by a family member mis-using a power of attorney. I tend to agree. It's an interesting read (and I don't just say that because I'm quoted in the articles!) so click on the links below if you'd like to check out the articles.

Click here for part I

Click here for part II

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