It is difficult for family to know when to step in and assist aging parents with their financial affairs. Conversations about money, bills and care expenses are uncomfortable, and aging parents may become defensive, suspicious or confused.
Unfortunately, as we all age, we inevitably lose the capacity to manage our financial affairs. Cognitive decline and family influences are powerful force that also makes elders easy targets for scam artists, misleading advertising and offers for high-priced, unnecessary goods and services.
Family should consider raising the topic of financial management for their aging parents well before they become incapacitated. Dealing with financial issues before the onset of cognitive decline allows aging parents to be fully involved in the management of their estate. Early and full involvement by aging parents not only preserves their dignity and right to self-determination but also allows family to have the mutual benefit of knowledge of their financial affairs.
A durable power of attorney or a trust can give the aging parent continued control over their financial affairs while also empowering family to step in and help when needed.
Family and caregivers who lack legal authority to intervene when warning signs arise have a challenging task ahead. At least one family member will need to move quickly in the Courts to acquire the legal authority to act on their parent’s behalf that can be avoided by simply planning ahead.
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CEP lawyer Sandra D. Glazier has been selected by the American Bar Association to be on a panel that will discuss attorneys’ roles and responsibilities in protecting aging clients (and their assets) from the seemingly well-intentioned but overly-influencing next generation. This session, “It May Be a Small World, but You Still Need to Wait Your Turn – Issues with Elder Planning and Abuse”, will be moderated by The Hon. Cheryl D. Cesario, retired Circuit Court Judge of Cook County, Probate Division, Evanston, Illinois, and includes other attorneys from around the country. Ms. Glazier is one of only three Michigan attorneys selected by the ABA to present at this national Symposia that will be held in Orlando, Florida during May 10 – 11, 2018.
An attorney for more than 35 years, Sandra D. Glazier is known for her expertise and successful track record in probate litigation, estate planning, trust and estate administration, and family law matters. The cases Ms. Glazier works on tend to be very complex and require technical as well as legal expertise. She has represented contestants and proponents of estate planning documents, as well as fiduciaries, in significant trust litigation proceedings.
An AV Preeminent® rated attorney, Ms. Glazier is recognized nationally for her accomplishments and expertise in estate planning and probate litigation and is routinely requested to speak at some of the leading legal industry conferences across the country. She has been selected as a “Michigan Super Lawyer” by Thomson Reuters, the world’s leading source of information for the legal industry and has been recognized as a “Top Lawyer” by DBusiness, in the areas of probate, estate and family law. Ms. Glazier has had numerous articles published by some of the legal industry’s leading publications. and has taught “Valuation for Federal, Estate and Gift Tax Purposes” in a Masters’ level course. To learn more please visit www.lipsonneilson.com.
Contact: Sandra D. Glazier