Thursday, September 15, 2016

Financial Exploitation and Law: What's New?

New legal tools for financial exploitation prevention and intervention in WV:

1. The Uniform Power of Attorney Act (UPOAA) of 2012
Reform of financial powers of attorney includes statutory form, specified duties of agent, specified events that trigger termination of the authority, presumed durability, obligations of 3rd parties to honor, and lots more!

A new cause of action to petition court to examine agent transactions§ion=116#01
And attorney’s fees if agent found to have violated duties§ion=117#01

For more information about Financial Powers of Attorney in WV check this brochure out

2. A new civil cause of action to get assets back after financial exploitation of elderly or incapacitated person (the code section will actually be §55-7J-1, et seq. Because another bill that passed also proposed to be a new §55-7I-1, et seq.)

3. The Transfer on Death Deed, a planning tool allowing you to deed your real property interest away but only upon your death, avoiding the need for probate and avoiding Medicaid estate recovery and uncompensated transfer of assets penalty. UNIFORM REAL PROPERTY TRANSFER ON DEATH ACT. §36-12-1

For more information about the Transfer on Death Deed see this blog post

As Yogi Berra said, “the future ain’t what it used to be.”

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