Many people in Minnesota are growing older. The baby boomer generation has amassed wealth that has never been seen before in the United States. Those born in the 20s and 30s will pass $12 trillion to the next generation, while baby boomers are estimated to leave more than $30 trillion behind. It is estimated that over the next few decades over $60 trillion dollars will be passed to the next generations. With this amount of wealth, there are bound to be issues regarding trust administration.
Elderly people who have amassed a great amount of money are at risk of exploitation. There are many people who could potentially take advantage of an elderly person. These include their children, spouses, other relatives by blood or marriage, financial advisors, caregivers or anyone that has a legal or fiduciary relationship with the elderly person. Elderly people often have major expenses towards the end of their lives due to the high cost of nursing homes, home care agencies, etc. These elderly people need to keep their money in order to pay for these expenses, so it is important for family members to understand the situation their parents are in and make sure they are not being taken advantage of.
If a family believes their loved one is being taken advantage of financially, they may want to speak with a legal professional skilled in probate litigation. An attorney understands how complicated estate matters can be and can work with concerned family members to make sure the situation is sorted out. If a relative is being exploited, they can make sure this breach of trust is dealt with as well.
Unfortunately, there are many elderly people who will be taken advantage of just because of the money they have been able to save over their lifetime. It is important to make sure those who have taken advantage of these people are held accountable.
Source: floridabar.org, "Be Alert for Financial Exploitation of the Elderly," Guy M. Burns, Scott C. Ilgenfritz, Jonathan S. Coleman, November 2017