New Uniform Power of Attorney Law Offers Better Opportunities to Stop Financial Exploitation

Author

Gormley, Jennifer S., P.C.

Posted on

Jun 03, 2010

Book/Edition

Colorado - Denver Metro

share-this
Share This

This article explores how new requirements in the Uniform Power of Attorney Act (UPOA) encourage law enforcement to collaborate with government agencies, such as Adult Protective Services (APS), to prevent financial exploitation of at-risk adults. The new law:
Provides more teeth for enforcement against agents that illegally utilize the power of attorney for their personal gain.
May help prevent agents with sticky fingers from dodging civil or criminal penalties.
May prevent agents from hiding behind gifting powers or other broad language interpreted by them to permit self-dealing.
Better defines the duties and requirements of the power of attorney; and
Provides a reporting requirement that increases transparency of the agent's activities.

The UPOA better enables law enforcement and other government agencies charged with protecting the welfare of at-risk adults to stop the exploitation. In the past, a report of exploitation would typically not be investigated by law enforcement because of the difficulties dealing with financial crimes and limited resources. These crimes are tedious to investigate because of they are paper crimes usually without witnesses. Also, the exploiter that uses the power of attorney to gain access to the assets can hide behind various clauses in the power of attorney to justify or defend the conversion of the property. For example, many powers of attorney contain broad gifting powers that permit the agent to give away the principal's assets. The gifting authority may have been intended to be used for estate tax planning or Medicaid planning, but if not limited, the agent could simply exploit the estate by making gifts. The new power of attorney act allows for gifts limited to the Internal Revenue Code annual exemption, which is currently $13,000 per year, per individual. Broader gifting powers must be expressly provided in the document.

Financial exploitation happens quickly and can go undiscovered for a long time. It is especially sinister because the exploiter is supposed to be a trusted agent, but instead fleeces the estate they are appointed to protect. The exploitation may be suspected by subtle changes in behavior or spending habits of the person, but often no inquiry is made because of privacy concerns. More obvious indicators may be drastic changes in banking or investments, or new mortgages being obtained. The exploitation is typically discovered by someone close to the person. The person concerned about possible exploitation has various avenues to seek help, but not all will result in protection.

Three ways of handling suspicions about financial exploitation are as follows:
Informing family members of concerns.
Making reports to law enforcement or adult protective services; or
Filing a civil action to remove the agent or to allege exploitation in a petition for conservatorship.
In the past, obtaining evidence of financial exploitation was always challenging and often took too long. Such delays provide an exploiter with more time to hide evidence, steal money and escape prosecution. The UPOA provides a fast tool to deal with suspected exploitation by requiring the agent to provide a report within thirty (30) days upon a request. The new law states that a fiduciary or governmental agency having authority to protect the welfare of the principal can require the agent to disclose receipts, disbursements or transactions conducted on behalf of the principal within thirty days. In using this tool, both law enforcement and adult protective services (APS) can more quickly seek protection for the at-risk adult.
The prompt reporting requirement mandates the agent to act and bypasses the need for a subpoena or court order. An agent's failure to comply within thirty days is a breach of the agent's duty and may provide further confirmation that the estate is being mishandled. This reporting requirement is substantial because it causes the agent to provide the necessary evidence in a timely manner. The direct involvement of law enforcement and APS underscores the important message to all agents that financial exploitation will not be tolerated.

Editor's Note: This article was submitted by By Jennifer S. Gormley, Esq. She may be reached at 303-783-9600

Other Articles You May Like

MedRide, LLC Improves Their Ambulatory Service Area!

UPDATED MEDRIDE LICENSURE An improvement to our ambulatory service area!As we reflect over the past year, our company has been working diligently to better serve the needs of our clients with operations in the Denver area. This year we were approved by the Colorado Public Utilities Commission (PUC) to accept Ambulatory Private Pay trips in Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, Jefferson, Larimer, Park, and Weld Counties:In any of the white-outlined counties shown above, we are now able to provide Ambulatory Private Pay transportation to and from medical appointments and services, and collect payment via credit card, debit card, or HSA. MedRide also offers Wheelchair Private Pay throughout the entire state of Colorado.If you or your clients need Private Pay NEMT, please reach out to our MedRide Private Pay line at: 719-867-5474. Our Customer Service Team will be happy to help you!Looking Ahead to 2025As we move into the new year, we are excited to continue expanding our coverage area and services. Here is a sneak peek at some of the other initiatives we have in store:Advocacy for Better Access - We are working closely with state legislators at HCPF and the Governor's office in an effort to make transportation options easier and more accessible for clients across Colorado.More Vehicles & Employees - MedRide is adding to our fleet to ensure that we are always ready to serve your transportation needs.An Updated Website Coming Soon - Look out for our updated website, which is being finalized to improve your experience with better navigation and resources.Ongoing Service Enhancements - We will continue to invest back into our services to provide You and Your Clients with the highest level of care possible.

Tips for Staying Safe and Preventing Fraud in the Age of AI

The rise of Artificial Intelligence (AI) has brought incredible innovation to our lives, from facial recognition unlocking phones to smart assistants handling our schedules. However, AI also poses significant risks, such as phishing emails, deepfake videos, and voice simulations impersonating individuals. Seniors must be informed of AI fraud to prevent them from falling victim to such schemes.Scams to Be Aware of in 2024As AI technology advances, scammers are finding new ways to develop more intricate and believable schemes. Its important to stay updated on these emerging tactics to protect yourself and your loved ones. These are some of the most prevalent AI scams to watch out for in 2024:AI-Generated Email PhishingAI-generated phishing emails are designed to look incredibly convincing, often mimicking legitimate communications from trusted organizations. The sophistication of AI means that these emails can include personalized details, making them even harder to detect. For example, a phishing email might use an email address like boss@cornpany.com instead of boss@company.coma subtle but critical difference in spelling.To stay safe, always verify the senders email address, look for any inconsistencies in the message, and avoid clicking on suspicious links. If you get an invoice for something you are confident you did not purchase, dont click on the link or attachment; instead, go directly to your credit card account to ensure there are no fraudulent purchases. The same applies to money requests from apps like Venmo and PayPal; go directly to the source without clicking any links.Chatbot FraudChatbots have revolutionized customer service, but they can also be used maliciously. Fraudsters use AI-powered chatbots to engage with victims, extract personal or financial information, or direct them to phishing websites.Red flags for scams include urgent requests, offers that seem too good to be true, or unusual language or grammar. A good rule of thumb is to not share sensitive information like passwords or credit card details through chat interfaces.Deepfake ScamsDeepfakes are AI-generated audio and video clips that make it appear like someone is saying or doing something they never actually did. These can be used to create convincing scams. For example, a common scam involves someone calling and claiming to be a loved one in an emergency and needing money, often mimicking their voice. Instead of panicking and sending the money, you should verify the persons identity, usually by calling them directly.If you receive such a call, look for inconsistencies in video or audio quality, unusual behavior, or other red flags.Investment ScamsFraudsters may use AI to generate convincing investment opportunities, complete with fabricated data and endorsements from seemingly reputable sources. Be cautious of high-pressure sales tactics urging you to make a quick decision, and thoroughly investigate any investment opportunity and the company behind it. Be wary of offers that promise unusually high returns with little risk.If you suspect an investment scam, immediately report it to regulatory authorities and financial institutions like the SEC or FINRA.Social Media ManipulationAI can generate and spread misinformation on social media platforms, influencing public opinion and manipulating users. This can include fake news stories, fraudulent advertisements, and the impersonation of trusted figures.Limit your privacy settings on social media and only accept requests from known individuals. Always verify the credibility of the sources and accounts you follow as well.At The Oberon House in Arvada, CO, we always prioritize your safety and well-being. Your security is our top priority. Contact us today to learn more 303-420-7258.

What to Do If You Get a Voice Fraud Call That Is AI-Generated

Scammers are increasingly adopting new methods to deceive unsuspecting victims, especially older adults. One of the latest threats is AI-generated voice fraud, also known as vishing (voice phishing). These scams use sophisticated AI technology to create highly realistic voices that mimic trusted individuals or organizations.Lets talk about what you should do if you receive such a call and how to protect your sensitive information.Understanding AI-Generated Voice FraudAs mentioned, scammers perform AI-generated voice fraud using synthetic voices that sound convincingly like a family member, friend, or legitimate entity such as a bank or government agency. These calls can be exceptionally persuasive and dangerous since the synthetic voices replicate the speech patterns and tone of the impersonated individuals. Additionally, fraudsters can manipulate caller ID to make it look like the call is coming from a trusted source when it is not.Common Tactics Used in AI-Generated Fraud CallsBe on alert for the following AI-generated fraud calls:Impersonation of Family Members: Scammers may claim to be a relative in urgent need of money due to an emergency. The voice will sound distressingly familiar, making it easy to fall for the ploy.Bank Representative Scams: Fraudsters impersonate bank representatives, asking for account details or prompting money transfers to secure accounts.Tech Support Scams: Callers pose as tech support from reputable companies, convincing victims to grant remote access to their computers or pay for unnecessary services.Government Agency Impersonation: They may mimic officials from agencies like the IRS or Social Security Administration, threatening legal action or demanding immediate payment of fines or taxes.Utility and Phone Company Scams: Fraudsters imitate representatives from utilities or phone companies, claiming issues with the account and requesting payment or personal details to resolve them.Steps to Take If You Receive a Suspicious CallSo, what should you do if you receive such calls that are highly convincing? Here are some essential steps to take:Stay Calm and Dont Panic: Scammers often create a sense of urgency to pressure you into making quick decisions.Verify the Callers Identity: If the caller claims to be a family member, ask specific questions only that person would know. If the caller claims to be from a legitimate organization, hang up and call the organizations official number to verify.Never Share Personal Information: Legitimate entities like the bank or the government will never ask for sensitive information over the phone. Do not provide personal, financial, or account details to the caller.Report the Call: Report the incident to your bank, local authorities, or the Federal Trade Commission (FTC). This helps to alert others and potentially track down the scammers.Educate Yourself and Others: Stay informed about the latest scam tactics and share this information with friends and family. Awareness is a key defense against fraud.If you need assistance or have concerns about potential scams, dont hesitate to seek help. At The Oberon House in Arvada, CO, we prioritize the safety and security of our residents. Contact us today to ensure your loved ones are in a safe space 303-420-7258!

Local Services By This Author

Gormley, Jennifer S., P.C.

Estate Planning 6060 Greenwood Plaza Boulevard, Greenwood Village, Colorado, 80111

At the Law Office of Jennifer S. Gormley, P.C., we offer a complete estate planning services that are tailor-made to meet your specific needs. Jennifer S. Gormley has years of experience and in-depth understanding of the laws that are involved in this practice and she is committed to helping people and families ensure their future, protect their interests and have their say in the event of death or incapacitation.Expert Estate Planning ServicesEstate planning is the process of making arrangements for the management and disposition of your estate in the event of your death or incapacitation. At the Law Office of Jennifer S. Gormley, P.C., we provide estate planning services such as:Wills and Trusts: Getting a will or trust is important to ensure that your belongings are distributed as you wish after your death. Jennifer S. Gormley is well conversant with the formulation, review and revision of wills and trusts to suit the current and future situation of the client.Probate Administration: The probate process is not always straightforward and can be quite stressful to deal with. Our firm provides skilled probate administration services that assist executors and beneficiaries in the management of the legal processes effectively and efficiently.Power of Attorney: Having a durable power of attorney means that someone you trust can make your financial and medical decisions on your behalf if you are unable to do so. We also offer assistance in the creation and implementation of power of attorney legal documents to protect your rights.Healthcare Directives: Advanced healthcare directives, such as living wills and healthcare proxies, are used to express your preferences on life-sustaining treatments. We provide specific guidance to ensure that your healthcare directives are understood and legal.Estate Tax Planning: This is an important part of estate planning since it aims at minimizing the taxes that are to be paid on the estate. We provide tax planning advice that will assist you in leaving as large a portion of your estate to your heirs as possible, using measures such as trusts, gifts, and charitable giving.Guardianship: If you have children or other dependants, you need to nominate a guardian for them in case something happens to you. We assist you in identifying and legally appoint a guardian to give you peace of mind.Special Needs Planning: Protecting the future of a family member with special needs needs special planning. We help in the establishment of special needs trusts and other planning techniques in a way that the person with disability will still be eligible for government assistance.Why you should hire the Law Office of Jennifer S. Gormley, P.C.?Personalized Approach: We know that every client is unique in their way. At Jennifer S. Gormley, we take time to listen to your needs, identify your objectives and come up with an estate plan that is suitable for you.Expertise and Experience: Jennifer S. Gormley has vast experience in estate planning and thus has the knowledge and skills that are required in handling various legal matters. This guarantees that your estate plan is all-encompassing, current and legally valid.Compassionate Service: Estate planning is often an emotional process. We offer understanding and sensitive services to assist you in making the right decisions with courage and without any worries.Proactive Planning: We take a preventive approach to estate planning and aim to identify potential issues and solve them before they become problems. This forward looking approach helps avoid conflicts and guarantee that your assets will be transferred smoothly.Client Education: It is our policy to educate our clients as much as possible. At Jennifer S. Gormley, we spend time with you to explain the legal terminologies and the choices you have before you make your decision on the estate plan.At the Law Office of Jennifer S. Gormley, P.C., we are committed to offering superior estate planning services that provide you and your family with peace of mind and security. Whether you need help with writing a will, creating a trust, or making plans for the future, including long-term care, our experienced team is ready to assist you at every stage. Contact us today and let us help you plan for the future with confidence.

Gormley, Jennifer S., P.C.

Probate 6060 Greenwood Plaza Blvd Ste 300, Greenwood Village, Colorado, 80111

Law Office of Jennifer S. Gormley, P.C. provides high quality, comprehensive legal help to individuals, families and professionals in the areas of probate, elder law, estate planning, litigation, trusts and estates, long term care planning, guardianships, conservatorships, disability law, Social Security and Aid and Attendance for Veterans. We focus on law and public policy with emphasis in aging and disability. We have litigation experience with complex cases involving financial exploitation, trust/will contests and protective proceedings. Also, we have years of experience assisting clients with estate and long term care planning, wealth protection and navigating public benefits. You can reach us by phone at 303 783 9600 or by email info@elderlawsource.com.

Gormley, Jennifer S., P.C.

Elder Law 6060 Greenwood Plaza Boulevard, Greenwood Village, Colorado, 80111

At The Law Office of Jennifer Gormley, we are proud to offer premier elder law services to individuals and families in Centennial, CO and the surrounding areas. With many years of experience and a clear understanding of the issues that seniors and their families face, our firm offers complete elder law plans for long term care, asset protection, and Medicaid planning. We want everyone to feel safe and understood as they go through the processes that come with aging, healthcare, and financial management.End to End Solution for Elder Law Planning According to Your NeedsElder law is a branch of legal practice that deals with legal, financial, and personal issues that affect the elderly. At The Law Office of Jennifer Gormley, we offer a holistic approach to elder law planning based on a case by case analysis of your assets, income and past transfers to determine your needs. This is because we get to understand your current and future financial situation in order to come up with good strategies that will help you and your family in the long run.Our elder law planning services are aimed at future oriented long term care, asset protection and Medicaid eligibility to make our clients more comfortable in the period of uncertainty. If you are planning for your own care or that of a loved one, our lawyers will help you to put together a plan that is tailored to your needs and wishes.Long-Term Care PlanningAs people get older, they require care in the later years of their lives. No matter if you are looking for a care giver to take care of you at home, in an assisted living or in a nursing home, our firm will assist you. We help you to consider your present and future care requirements, the choices available and how to go about getting the care you require without having to break your bank.We know that long term care is not cheap and if you have not planned for it, it can be a financial strain to your family. Thats why our elder law planning aims at establishing a framework of alternative sources of support in order to enhance your level of security and autonomy. From private insurance and personal funds to government assistance such as Medicaid, we assist you in identifying the sources that are most appropriate for your needs.Asset Protection StrategiesElder law planning is incomplete without the protection of the assets that you have worked so hard to acquire. At The Law Office of Jennifer Gormley, we offer services that help you protect your assets from taxes, legal demands, and the expense of healthcare. Thus, we help you to arrange your assets in a manner that is compatible with the Medicaid eligibility guidelines so that you can keep your wealth for the future generation while at the same time getting the care and assistance you require.Our asset protection strategies may include tools such as trusts, gifting plans, and other legal mechanisms to safeguard your financial future. It is our mission to guarantee that your property is applied for in the right manner and also in a way that is legal and appropriate for the given laws and regulations.Medicaid Planning and Eligibility AssistanceMedicaid is a government funded program that offers medical care to people who require long term care and meet the set medical and financial qualifications. However, applying for Medicaid can be quite complicated and time-consuming, especially for those who are not familiar with the programs requirements. At The Law Office of Jennifer Gormley, we are Medicaid planners and we can guide you and your family through this system with ease.Our Medicaid planning services include an assessment of your income, resources, and health to determine if you are eligible for the program. We discover how to change your financial situation in a way that you will be able to receive maximum benefits while keeping your funds. We also assist in the actual application for Medicaid, including the required documents to avoid having the application denied.Supporting Independence and Peace of MindAt The Law Office of Jennifer Gormley, we understand that each client is different. That is why we listen to your concerns, answer your questions and prepare a elder law plan that is specifically for you and your needs. We want to establish a platform for our clients and their families to embrace life with no worries about the future legal and financial issues. No matter if you require assistance with long term care, Medicaid qualifications or asset protection, our staff will guide you through the process until the end.Why Choose The Law Office of Jennifer Gormley?Selecting the appropriate elder law attorney is a key decision. At our firm, we boast of offering:Elder Law Specialization: We have wide exposure to long term care, Medicaid and asset protection to offer you solutions that are appropriate for you.Personalized Service: We spend time with you to understand your case and come up with a plan that meets your objectives.Compassionate Support: It is our goal to assist and reassure you and your loved ones in the time of need.Local Knowledge: Located in Centennial, CO, we know the legal and financial environments that affect seniors in the area.If you or a loved one requires assistance with elder law planning, contact The Law Office of Jennifer Gormley. Schedule a consultation with us; visit our website at ElderLawSource.com or give us a call. Let us help you create a plan that protects your assets, ensures your care, and provides the security and independence you deserve.