The parent suspects that she is but is forgetful, Help. The elderly mom (84) confides in me. One day she does not want her only daughter/child to have any access to her accounts. A few days later we talk. She does not recall our last conversation and says that everything is OK with her and her daughter. When I then remind her that she has asked me for help regarding this matter and site specific incidents, she then remembers, kinda. The worst of it is she has made the daughter a co-trustee of her trust and has given her a POA for anything. The POA was done recently(with the mom not realizing what she was signing) and the co-trustee was done 10 years ago when she was totally cognizant. The daughter has been given full access to all of her Mom's income to pay all of the bills and has opened recently a few more checking accounts and has redirected auto deposits to these for her, the daughters benefit. The daughter does not work so this money is her financial life line. The Mom wants to meet with me but the daughter lives in the adjacent home. I am a CFP and licensed in investments and insurance and manage this lady's savings and income for her and have contacted my compliance department. They are not aware of anything that I can do. I spoke to a person at a life insurance company yesterday who said that these types of cases are occurring more often as the baby boomers and their parents are aging but they do not know how to prevent it. The mom wants to move into assisted living because she is lonely but the daughter tells her she cannot afford it. As her finacial advisor, I know that she can. Where can I go for help? Thank you, Glen E. P.
Thus, unless you have 100% solid proof on paper that the daughter is mismanaging her mother's funds, there is nothing you can do. I would hate to accuse someone only to find everything was on the up and up.... you would lose a good client very quickly. But I can understand your concern.