Managing Someone Elses Money in Georgia Help for
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Managing Someone Else’s Money in Georgia: Help for Financial Caregivers September 14, 2017
Managing Someone Else’s Money § CFPB INITIATIVE: Released a set of national guides called Managing Someone Else’s Money in 2013 User-friendly “how-to” guides for four types of fiduciaries: agents under powers of attorney; guardians; trustees; Social Security representative payees and VA fiduciaries 2
Who are these guides designed to assist? Anyone named to manage money or property for someone else Agents under Power of Attorney Court-Appointed Conservators Representative Payees and VA Fiduciaries Trustees under a Revocable Living Trust 3
What’s in the guides? § Walk fiduciaries through their duties § Tell them how to watch out for scams and financial exploitation and what to do if their loved one is a victim § Tell them where to go for help 4
State guides: how are they different? § Each state has unique laws and practices § Examples of state-specific information about laws and practices: Georgia law requires that conservators (guardians of property) make a plan for managing the money and property, and file it with the court. § “Where to go for help” Filled with state and local agencies and service providers for timely, nearby help for financial caregivers 5
How you can get the guides § Available for download § Free single and bulk orders § Links for downloading and ordering are at the Managing Someone Else’s Money landing page: www. consumerfinance. gov/managing-someone-elsesmoney § Individuals who cannot access the internet: call Consumer Response at 855 -411 -CFPB (2372) 6
Dissemination ideas § Who are the audiences? Financial caregivers – the four types of fiduciaries Adults who have planned ahead and named fiduciaries § Who may want to distribute the guides? Aging services providers Professionals who serve older adults and their fiduciaries (e. g. elder law and T&E attorneys, financial advisers, accountants) Financial services providers (e. g. banks, credit unions, broker-dealers) APS and other government agencies Congregate care facilities And…. 7
How to contact us § Tami Sieckman, tamara. sieckman@cfpb. gov § Naomi Karp, naomi. karp@cfpb. gov § Office for Older Americans, olderamericans@cfpb. gov 8