Naomi Karp from the Consumer Financial Protection Bureau offers advice on avoiding scams and financial exploitation
The Consumer Financial Protection Bureau’s (CFPB) Office of Financial Protection for Older Americans has released four easy-to-understand booklets to help financial caregivers. The Managing Someone Else’s Money guides are for agents under powers of attorney, court-appointed guardians, trustees and government-benefit fiduciaries (Social Security representative payees and Veterans Affairs fiduciaries).
The guides help those serving as fiduciaries in three ways:
- They walk them through their duties.
- They tell them how to watch out for scams and financial exploitation and what to do if their loved one is a victim.
- They tell them where to go for help.
The guides may be downloaded here: