In an article by Citywealth, Private Wealth Partner Ronni Davidowitz discussed the importance of meeting with a corporate trustee for older adults and aging parents with children who have limited function.
Citywealth reported that this population is especially susceptible to being the victims of online fraud and other targeted scams. Ronni explained that engaging a corporate trustee could be a helpful, preventive measure. "It's best to start with some meetings with corporate trustees before there are any emergencies so that a comfort level can be reached especially if family members are going to be involved." Ronni said, "Corporate trustees will manage the finances, pay taxes and set up systems for payments for day-to-day needs like rent."
For older parents with children who have limited function, Ronni added, "Corporate trustees can be an advocate for the child, looking out for their welfare and benefit so that they aren't at the mercy of the government or hospital system."
"Elder Law – Burying Your Head in the Sand," Citywealth, October 23, 2024
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