Currently, about 22 million Americans age 60 and older have someone else making financial decisions for them. Millions of others have court-appointed guardians and conservators. Often, the people handling finances for others have no training or instructions about what is expected of them, or how to manage this very important, and often daunting, task.
Where To Go For Help
The Consumer Financial Protection Bureau’s, Office for Older Americans is the only federal office dedicated to the financial health of Americans age 62 and older. The CFPB recently released four free guides that help financial caregivers of older Americans understand their duties and responsibilities. The guides are for those acting under Powers of Attorney, court-appointed guardians, trustees and government benefits fiduciaries (Social Security representative payees and Veterans’ Administration fiduciaries). All of the guides contain information about the agent’s job duties, tips on how to spot financial exploitation, and provide a list of contact agencies to report financial abuse of a senior.