An ugly reality: financial abuse of the elderly

Heartbreaking stories like this are way too commonplace. We have had our share of similar, well-publicized problems in Hawaii. A primary mode of elder financial abuse is by the misuse of durable powers of attorney. Powers of attorney can be helpful tools, but they must be carefully managed and maintained, and they must be judiciously granted. It pays to have checks and balances, as well as systems of accountability, in place.

Estate Tax Dormant, Billionaire’s Bequest Is Tax-Free – NYTimes.com

Dan L. Duncan, a soft-spoken farm boy who started with $10,000 and two propane trucks, and built a network of natural gas processing plants and pipelines that made him the richest person in Houston, died in late March of a brain hemorrhage at 77. Had his life ended three months earlier, Mr. Duncan’s riches —… Read More »

States Compete for Trust Business – WSJ.com

About half a dozen states are actively vying to attract wealthy families' trusts, as well as the jobs and tax revenue that come from the companies that administer these estate-planning vehicles. States such as Alaska, Delaware, Nevada, New Hampshire, South Dakota and Wyoming have modified their trust laws in recent years to make them more… Read More »