In The News
Does Your Aging Client Have Diminished Capacity?
New article just published in the Society of Certified Senior Advisors Journal.
Click below to listen
Amazing longevity as exists today is something of a new problem for those practicing law, particularly in estate planning. Law schools teach wills, trusts, and estates. They cover client confidentiality and loyalty. But no one teaches attorneys about the minefield of advanced age, the growing incidence of Alzheimer’s disease and other dementias. People are living longer than ever before in history, and this has created a problem for estate planners that is referred to as “the gray zone.” This is the period between a client’s complete capacity for all decisions and complete incapacity, particularly for financial decisions.
One benefit of the increasing life expectancies for Americans is that more people have bonus years for enjoying the company of their aging parents. However, not all is rosy. Those extended years also boost the odds that parents could go broke or suffer from dementia and be unable to make financial decisions for themselves. “That can leave adult children perplexed about when and whether they should step in and find out what’s happening with their parents’ money,” said Carolyn Rosenblatt, a registered nurse and elder law attorney.
CPAs have a unique vantage point with aging clients: you see where the money is going in detail. You may have known your client for many years and you can retrieve their spending records over time. You know patterns. You give advice and you help them figure out the tax picture. But more than that, you know your client. What’s the big deal, you may ask? Here’s the issue. We have a massive and growing problem of financial elder abuse in our country (and incidentally around the world) and you, the CPA, may be first to spot the warning signs.The wise CPA will know right away, at least at tax preparation time, that something out of the ordinary has occurred. Even if a client is not experiencing an unusual cash drain, you may see red flags that your client is declining in his/her cognitive abilities.
The Real Life Effect of Dumping Obamacare
The incoming administration is determined to "repeal and replace" the Affordable Care Act, known as Obamacare. Always devoid of detail on what replacement would look like, the proposal remains murky. Picks by the incoming president for those who would provide him with advice and therefore exercise control over any imagined replacement have shown their hands before now. Here's what you may expect and here's who will be most affected.
Carolyn Rosenblatt, an RN, Elder Law Attorney, and founder of AgingParents.com, discusses the future of the Affordable Care Act, known as Obamacare.
Financial News Hour Featured News Hour Radio Interview:
Carolyn Rosenblatt on the Growing Problem of Elder Abuse
Billions of dollars are stolen every year from senior citizens, which makes elder abuse, particularly through financial exploitation, a problem that needs to be taken seriously. Carolyn Rosenblatt, an RN, Elder Law Attorney, and founder of AgingParents.com, discusses this growing epidemic and the importance of certain checks and balances to help prevent such abuse from taking place.