Article On Defending Baby Boomers’ Financial Interests

Catherine A. Schraegle (J.D. Candidate, Texas Tech University School of Law) recently published an article entitled Keeping It Away From the Family: Defending Baby Boomers’ Financial Interests From Their Own Children Breaching Fiduciary Duty in the Fall 2015 issue of the Estate Planning & Community Property Law Journal published by the Texas Tech University School of Law. Below is an abstract of her article:

The generation born after World War II is collectively known as the “baby boomer generation.” In 2030, all of the baby boomers will be at least 65 years of age, and more than twenty percent of the United States population will be 65 years of age or older. As the baby boomers age, any of them will become dependent—in some way or another—on their children, spouses, or caregivers. Unfortunately, elder abuse, which “includes physical, sexual, or psychological abuse, as well as neglect, abandonment, and financial exploitation[,]“ is becoming more and more prevalent in society. Elder abuse is more than just a tragedy that occurs in nursing homes or assisted living facilities. In fact, “[o]ne out of every ten people ages 60 and older who live at home suffers abuse, neglect, or exploitation.” Financial exploitation is just as important as any other form of abuse that an elderly person may suffer. It is not uncommon to hear about children taking advantage of their parents’ estates, whether a court has legally appointed the children to regulate their finances or an implied financial duty exists. According to a study conducted by the American Association of Retired Persons, “60 percent of adult protective services (APS) cases of financial [elder] abuse nationwide involved an adult child of the elderly person.” This comment will discuss the steps estate planners can take to prevent their clients’ children from taking financial advantage of their clients.