Magazine article Aging Today

Help for Financial Caregivers Is Just a Click Away

Magazine article Aging Today

Help for Financial Caregivers Is Just a Click Away

Article excerpt

Caregiving for family and friends is a complicated task, often made more so by having to act as the person's fiduciary-namely, an individual in charge of making financial decisions or managing property on someone's behalf. Now there's help for this group of caregivers, in the form of four guides published this past fall by the federal Consumer Financial Protection Bureau.

The Bureau worked in conjunction with the American Bar Association Commission on Law and Aging to prepare this invaluable information.

Approximately 22 million people ages 60 and older have named someone in a power of attorney to make financial decisions for them, and millions more have court-appointed guardians or other fiduciaries. These guides, titled Managing Someone Else's Money, should help these caregivers by explaining the four responsibilities of a fiduciary: acting in the person's best interest; managing money and property carefully; keeping money and property separate from one's own; and maintaining good records. …

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