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Although we may think of phishing emails, robocalls, or other types of scams when we think about financial exploitation, it is far more common for this type of exploitation to be done by relatives, caregivers, neighbors, or friends someone believed they could trust.
Financial exploitation is more common than most people realize, but understanding financial abuse and strategies can help people avoid being exploited.
One way to help avoid financial abuse is to develop a plan to prevent it, including preparing documents in advance that can be implemented should a person become vulnerable to exploitation.
A funded revocable trust may provide better protection than a durable power of attorney for individuals who are vulnerable. A revocable trust-based plan can include safeguards such as co-trustees as well as the requirement of an independent party’s consent to any trustee change or amendment.
If you are interested in learning more about how to better protect you and your family from financial abuse, contact us here!
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