The document discusses the need for stronger legal and financial protections for seniors, emphasizing the challenges faced by caregivers in navigating elder care responsibilities. It highlights initiatives by the American Bar Association and the Consumer Financial Protection Bureau to educate caregivers and mitigate elder abuse through a series of guides. The guides provide practical tips for fiduciaries and raise awareness on issues like identity theft, aiming to support the increasing number of caregivers for seniors and individuals with disabilities.

1. “With a growing number of people filling the role of caregivers, the need has never been greater. Many have nowhere to turn for guidance, even when they wish to ensure a loved one’s needs and wishes are met.”
STEPHEN A. UNSWORTH
VERMONT ESTATE PLANNING ATTORNEY
STRONGER LEGAL PROTECTIONS AND BETTER FINANCIAL PROTECTIONS FOR SENIORS

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For several months, the American Bar Association Commission on Law and Aging has been working with the Consumer Financial Protection Bureau with the shared goal of putting stronger protections in place, both legal and financial, for seniors and the elderly. Much has been accomplished since President Obama proclaimed June 15 as World Elder Abuse Awareness Day. Funding and grants have been made available as the two groups continue to work to better the lives of the elderly. The Elder Justice Act, part of the Patient Protection and Affordable Care Act, was passed last year and these – and other efforts – are now in full swing to help protect seniors. Already, $5.5 million in funding has been set aside for interventions for the elderly who are being abused, neglected and otherwise exploited. And the CFPB continues to work to ensure “essential cooperation” and to “fix what is not working”. According to Richard Cordray, director of CFPB, information has been gathered and his agency has designated several financial advisors who serve older Americans‟ and their financial needs. As part of that effort, a series of four guides have been published.

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This series of guides are designed to provide financial caregivers of older Americans avenues that can help them better assess the needs of those in their charge while also helping them recognize the potential for abuse. “In order to protect our seniors, we must educate the caregiver generation,” said CFPB Director Richard Cordray. “The Consumer Bureau is publishing a series of guides called „Managing Someone Else‟s Money.‟ The guides are designed to help people meet the responsibility of managing money for a loved one.”
With a growing number of people filling the role of caregivers, the need has never been greater. Many have nowhere to turn for guidance, even when they wish to ensure a loved one‟s needs and wishes are met. Rarely do they reach out to elder care lawyers and when they fear their charge is being neglected or abused by a loved one, they feel their options are limited even further. Not only that, but many are limited by confidentiality clauses as well.
According to the latest statistics, there are 22 million people age 60 or older have named someone in a power of attorney to make financial

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decisions for them. Millions more have court-appointed guardians or other fiduciaries. In addition to older adults, many younger adults with disabilities may also lack capacity to handle their own finances.
The fiduciaries that help them are a critical source of support, but often have no training or, as mentioned, no support.
The guides will provide a number of tips on not only spotting efforts by others to exploit the elderly. They reveal what should be looked for and what they can do as the caregiver, even if they‟re not family members. As the first manual explains, the primary role for a fiduciary is always act in the person‟s best interest. Conflicts of interest should always be avoided but also understand that help is available, even when there are concerns that family rifts could result.
Remember to never co-mingle money, pay bills on time if that‟s part of your role for the senior and maintain accurate and detailed records and receipts.
Each guide also has a number of agencies to contact to safely report suspected fraud. CFPB and the ABA are working hard to eliminate the

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stigma and even encourage caregivers to contact the attorney handling the legalities of the senior, “This can also bring options that the caregiver may not have known was available”, said Cordray.
One guide is reserved exclusively for those named as trustees under revocable living trusts. In these cases, ownership of some or all money and assets might have been transferred to a trust. The person named as trustee has been extended the power to make decisions about how the trust is managed. Still another guide focuses on the risks of identity theft, especially for older Americans. There are several ways fiduciaries can deter fraudsters. That said, it‟s crucial to not make the assumption that every phone call can be screened or ever letter intercepted. Open communication can go a long way in keep the risks down when it comes to identity theft. Also, close monitoring of financial statements can help head off problems. Routine checks of credit reports has been shown to lessen the damage or keep problems at a minimum.
Clearly this is a massive effort being made, but the benefits are many and already, these efforts are paying off. The visitors to this specific segment of the CFPB site continues to increase and already questions are being answered.

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If you‟d like to learn more about this exciting new collaboration, visit the Consumer Financial Protection Bureau site at consumerfinance.gov. As always, we encourage clients to contact our office for more information on putting those important protective mechanisms in place for loved ones.

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About the Author
Stephen A. Unsworth has over 30 years of experience in estate planning and business law. His misson is to provide quality estate planning services, including assistance with Living Trusts, Wills, Medicaid Planning, Probate, Trust Administration, Powers of Attorney, Special Needs Planning, and Family Limited Partnerships.
Stephen is admitted to practice law in both Vermont and Maine. He is a member of the Vermont Bar Association, the Chittenden County Bar Association, the American Academy of Estate Planning Attorneys, the National Academy of Elder Law Attorneys, and the Vermont Bar Association’s Elder Law and Probate & Trust Sections.
Unsworth Law, PLC
www.unsworthlaw.net
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26 Railroad Ave.
Essex Junction, VT 05452
Phone: (802) 879-7133