Financial

A “New” Power of Attorney on the Way

(Will it Save the Day?)

Financial exploitation stories appear all over the news. Money is swindled from an elderly or disabled person by a family member or professional they should have been able to trust. Often, the power to take the money was given freely to the offender by the victim in a Power of Attorney. The theft is still theft, but the Power of Attorney (sometimes dubbed a “license to steal”) made it easy.

A new Minnesota Law will make it a little harder for Attorneys-in-Fact (that’s what we call the person given the power on the Power of Attorney) to inadvertently or on purpose abuse their duties.

What is a Power of Attorney? | A Power of Attorney is a document where one person (called the “Principal”) gives another person the authority to manage some or all of the Principal’s financial affairs. It’s a way to have someone ready to pay bills, cancel cell phone service, adjust investments or sell the house when the Principal becomes mentally incapable of doing these things himself or herself.

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Medical Assistance Changes Transfer Rules

Submitted by Jeffrey W Schmidt, Schmitz & Schmidt

Medicaid is the government program designed as a safety net to pay for medical care when an individual or a family can no longer afford that care on their own. The program is a cooperative effort between the state and federal governments. In Minnesota, this program is called Medical Assistance.

With Medicare available to cover basic acute care for individuals over the age of 65 and individuals with disabilities, Medical Assistance is used primarily to pay for long term care. Long term care can include the custodial care people need when they can no longer manage their own activities of daily living, whether that care is provided in their own home, an assisted living facility or a nursing home.

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What is a Daily Money Manager?

Submitted by Kathy Green, A Little Help Inc.

A Daily Money Manager (DMM) is a professional who provides a wide range of personal business assistance to individuals who want help managing their day-to-day monetary affairs.  Some tasks usually performed by a DMM include organizing and tracking financial and medical insurance papers, paying the bills and maintaining bank accounts.

A Daily Money Manager will also help with organizing tax documents, negotiating with creditors and appealing medical claims.  A DMM can save you time and frustration by helping you prepare for a move, or when buying or selling a home.

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Help Seniors Avoid Financial Abuse

Submitted by Kathy Green, A Little Help Inc.

Seniors are one of the primary targets for financial abuse, and many times, the abuse takes place by someone close to the individual – even close family members. Many steps can be taken to prevent financial abuse, and there are many signs that can make us more aware to catch a possible case of financial abuse – following are a few:

  • Unusual bank activity, especially large sums being taken out at ATM’s
  • Suspicious signatures on checks or important documents
  • Missing belongings or property
  • Bank statements that have been transferred to a different address
  • Bills going unpaid, discontinued utilities, or eviction notices
  • Legal documents signed, but not understood, by the senior

Let’s do our part to protect our vulnerable parents, friends, and aging community by always checking into suspicious activity and any signs of financial abuse.