Feds Offer Financial Advice For Caregivers
A new set of state-specific guides are on their way to help parents and caregivers tasked with managing money on behalf of those with disabilities.
The federal Consumer Financial Protection Bureau said this week that it will publish a series of handbooks to help caregivers understand their responsibilities when it comes to handling money for another individual.
The first guides — focused on Virginia — are being released this week, offering state-specific advice for individuals serving as court-appointed guardians, trustees, representative payees or under powers of attorney. The materials cover everything from legal requirements for financial caregivers to tips on avoiding scams and information on where to turn for assistance.
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Similar booklets are in the works for Arizona, Florida, Georgia, Illinois and Oregon.
Officials with the Consumer Financial Protection Bureau said they hope the series will offer a template for legal and aging experts in other states to develop similar documents.
The new guides build off of a similar set of offerings released in 2013 intended for a national audience.
“Sometimes caregivers have to step in to make financial decisions for a family member or friend who is unable to do so,” said Richard Cordray, director of the Consumer Financial Protection Bureau. “But because people’s powers and duties as a fiduciary vary from state to state, we have learned that more was needed than a one-size-fits-all guide.”