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05/30/2017

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O

Actually, creating a trust means the trustee owns your money and anything else you turn over to them. There's no guarantee they won't sell your assets out from under you or spend your money on you. After all, when you give them access to your money as your trustee, you're trusting them with everything and it becomes their's when you put it in their name. A trust is not a good idea. Don't let anyone touch your money or assets, it's likely to become the biggest financial mistake you ever made. This happened to my bio dad with Alzheimer's who had a POA when he should've had a guardian. The POA turns out to be a fraudster, she was in trouble before with the IRS over taxes. Her house was seized by foreclosure and the sheriff sale recovered $13,908. More shockingly, she now has my dads house, my childhood home! Furthermore, she went on to exercise POA after dad died, the funeral home told me so. It was claimed someone tried to find me and get a hold of me but come to find out that never happened. Financial abuse wasn't discovered until after dad died, and I had a very hard time finding a lawyer to take the case until months later. I'm currently my dad's fiduciary with the help of a lawyer and someone who loaned me the money to open the estate. I'm not sure what's going on but I'm in a time sensitive area of the waiting time right now. The probate judge needs accounting and inventory info within a certain time limit, neither of which I have access to. My knowledge of what all dad had is very limited and I'll need the help of my lawyer. It looks like the person in question will most likely lose dad's house because the deed and anything dad did while he had alzheimer's will need to be voided by the judge at some point since my dad wasn't competent to make those decisions and he was most likely coerced by the same person who was in trouble with the IRS over unpaid taxes. I'm not exactly sure how long this particular type of case will take to settle, but I need that money really bad for a well needed car as I'm disabled and medically needy. I live only on SSI despite coming from a rich family, my dad worked for Ford and never really provided for us kids. My only bio sister was killed at the hands of our mom but dad went into work one day bragging that he helped throw the kid against the wall, meaning my sister who was killed two years before my birth. The other children are three girls, all of which are not from dad's side of the family, but mom's. One more child was born dead, and I barely survived childhood from the same abuse the other surviving children suffered along with my now deceased bio sister. I'm the only one left in my family. I also happen to be the baby of my family but I'm not sure how far back in my family at the abuse actually ran. Both parents have since died but I think mom tried to knock us all off hoping to be the only one to inherit everything should she outlived dad, I think she was planning on outliving him and getting everything in the end as the only survivor. She probably would've drank up all the money, and I'm glad God turned the tables by overturning her plans and leaving me as the survivor. I know I'm entitled because of how everything turned out, but I'm just not sure because my lawyer is awfully quiet. At first I didn't know why he wasn't returning none of my calls, but I think I now know why. What I discovered is the only thing I could find about lawyers telling trustees not to speak with beneficiaries about money or assets. At first I wasn't sure why until someone explained it was probably for the beneficiaries protection from others potentially taking advantage of them. Perhaps this is why my lawyer has been so quiet. If someone took advantage of dad, maybe he figured someone might also take a vantage of me? This is a thought, but silence right now to me is very scary, especially having previously been told there were no updates to be shared. Sometimes lawyers can have very big caseloads, especially if someone leaves the practice, and this can make things even scarier as you're kept in the dark. What I did learn though, as there is a minimum of about six months for certain things to happen such as gathering of the will, inventory, and accounting info. What makes this somewhat easier is dad died intestate, meaning no will. Originally everything would go to the state had his rightful blood relatives not been found, and I'm the only one left. I don't know how I was found unless my dad told his POA at the time, who was also the informant after dad died according to the death certificate. Knowing this, this is what let the cat out of the bag because she knew dad died and she knew no one contacted me like the funeral home said, which is why the funeral home said this former POA was also his POA in-depth, which is illegal in Ohio so this person broke the law and is in serious trouble. Therefore, she'll most likely lose the house and all that money along with everything else she wrongfully took from dad when the judge voids everything and turns it all over to where it really belongs.

A friend of mine pointed out something I guess I never thought of before since this is my first estate case and will probably be my last. My friend pointed out that maybe my dad might have tried to provide for me by not updating and changing the Ford motor life insurance beneficiary from my mom to a new beneficiary until three weeks before he died {most likely under coercion}. Had it not been for the coercion, all of that money would've gone to me as his probation because mom was on the life insurance policy until nine years after she died, which is three weeks before he died. This POA try to cheat me out of a rightful inheritance, but I don't know why she ended up with my dad's house through a TOD, a very unnatural gift. The only thing that this points to is Elder financial abuse and coercion.

I don't know how long this case will take to settle in Ohio, but I hope things expedite because I badly need that money for a car. When you're on a tiny income with no outside financial help or support, no transportation or ability to get an auto loan because the system is set up to prevent people in my situation from ever getting a car, and cabs are very expensive. Even with a discount, it all adds up quickly and the situation i'm in is just not right, it's just so wrong

O

I should add that the best protection you can ever have is keep it all in the bank for starters. For Social Security, get direct deposit. Have a designated checking account with an attached savings and sign up for online banking. I automatically pay my bills each month but from my end. I won't do business with no one who 'requires' access to my bank account in order to pay the bill for services or whatever each month. If they won't give me a copy of my bill and me pay from my end, it's a huge red flag and now I know I can report it to my state officials like the state Attorney General. They have a special section to report fraudsters. If you go for a new service of any kind and someone on the other and tries to pressure you for banking info and refuses to send you a copy of your invoice, that's a big red flag and you should immediately call your state elected officials and report it. In Ohio, businesses are required by law to give us written info, and written info includes copies of the bill with all of our info attached to any potential account. Refusal of that is illegal in Ohio. For years now, I've been paying everything automatically online through auto bill pay from my end only.

Low amounts on cards

I strongly agree with this, I already practice this but with my own debit card. Only put enough on your card that you'll need for a specific trip to your grocery store or wherever you're going but as you get older, you must start getting smarter with your money. There comes a time to stop splurging and start thinking of your future like your funeral preneed. Of course there will be other needs along the way, but how are you supposed to cover what your insurance without the money you should be saving now? The simple answer is you can't if you have no outside financial help.

Loan sharks/payday loans

Don't fall prey to payday loans! The interest is ridiculous and once you get in it's hard to get out without "re-loaning" meaning reborrowing and taking out another loan. Here in Ohio, those loans must be repaid on the expected date by the end of the closing day or they deposit a check they make you write out to them. You can make it harder by just not having a checkbook for your checking account or you can just leave the checkbook home. Not having a checkbook at all is the best protection to help you not fall prey to these payday loan places. Some places that accept debit cards, but leave it at home or in the car, best yet at home locked up. Act like you don't have a checkbook or debit card if you leave it at home and don't bring it with you. This is your best protection to not fall prey to payday loans when they ask for a blank check or a debit card to secure assured payment. What you can do though is go immediately to your bank and tell a banker what check number you just wrote and to home and have them stop it in advance. This will stop the check payment but they may actually try to electronically debit your account which will take more money than you can afford if you really can't pay this loan info on the due date. What you can do is close out that account and sweep all your money into a new account the loan shark knows nothing about. What I personally would do if you're on Social Security is open and out of state able account that has no debit card and sweep all of your extra money into there and just leave it. Able accounts are brand new as of last year due to the able act. It makes you wonder if these are the savings account Trump was talking about when he was elected as president. It just seems funny that these able accounts suddenly appeared since his election and they all happened to be savings accounts. I'm glad we can have a better life experience as Social Security recipients, because now you can have a seemingly unlimited amount of money, which to us is huge! You can now go over your very low savings limit you otherwise couldn't without the able account since the able act was in acted and became law. Just sweep all of your money into an out of state account, but research each state very carefully for the pros and cons. You can always go with Tennessee, they are free. Yes, Tennessee is free with no maintenance fee ever! They also have no debit card because it's just strictly a savings account. You just link a bank account of your choice to you're able account and set up you're able account to withdraw amounts that you set from your regular bank account. You can make one time and monthly contributions to your able account. When you login to your able account, everything can be done from there. This is where you set up your one time contributions from your linked bank account to your able account and also your monthly automatic contributions. You can add as many bank accounts as you're allowed to you're able account. This is where it takes self discipline to live on less money if you have a goal to get something like a car that you otherwise wouldn't be able to get without the help of the able act.

Keeping checkbooks, debit cards, deeds and titles safe

If you don't write many checks, the best thing to do is to keep your checkbook locked up in either a safe or a bank safety deposit box. If you only write checks to the DMV once a year to renew your plates, write only that check, but make good and sure you have the money in the account to cover that check to avoid fees. When done, lock your checkbook back up. Most importantly, don't blab about what you need to write checks for or that you need to write any. Only write your checks when you're alone somewhere with no one around so you won't be noticed by a potential vulture. Sometimes the people we know best can turn on us where money or assets are involved, so do all of your banking privately.

If someone does coerce you

Let's say you have a well-meaning person wanting to drive you to your bank for a withdrawal or to get POA and if you follow the tips in my post, you don't need a POA, don't let no one touch your money as long as your competent and can do your own banking. Let's say this well-meaning person coerces you into the car and pulls into your bank. Maybe it's the other way around and they want you to drive them to your bank. Let's say you drive and pull into your bank. Let's say you must go in for a cash withdrawal. Have a hand written note that reads, help! Hand it quietly to your banker with your drivers license. Quietly tell the banker what's going on and have them call the cops and APS. Explain that you don't need POA and that you really don't want to withdraw no money. Banks are supposed to be trained to know all of their customers and their banking habits. If something suspicious and unusual arises, banks are supposed to know. Banks are trained to know what to look for and what to do. Make sure you stick with regular banking where all of your money is FDIC insured in case you do lose any money.

If your checkbook or debit card or ever stolen, immediately go in person to your bank and speak with a banker and report the fraud. You can dispute the charges and get your money back. I'm not sure how the bank gets their money back and less they contact the FDIC insurance company. Possibly. Anyway, lock up your checkbooks, deeds and titles along with any expensive jewelry in either a home safe or bank safety deposit box. I've heard it said that some banks require two keys to open safety deposit boxes, one of them is given to the customer and the other to the bank manager. Be very careful though, there was one report about a very large bank stealing valuables from the bank safety deposit boxes, so use extreme discretion and do your homework and research carefully and make an educated and informed decision. If you use a home safe, put it in a hidden spot no one knows about and make sure it's a fireproof safe with a very good locking mechanism. Keep the key on you at all times and tuck it into your shirt or pocket, preferably tightfitting pants pockets. Hide also your wallet with all of your cards inside and keep it all locked up. Don't let no one see where you keep your valuables locked up and don't let no one follow you into those areas when you need to access them. Go to great links to keep anyone from finding out and stall as much as absolutely necessary until you're finally alone. Stall, stall, stall, and keep stalling as much as absolutely possible.

Don't sign nothing you didn't initiate

If someone comes to you wanting to gain POA or other power over you, don't sign it! This usually happens when you're alone, which also falls under isolation. Just don't sign nothing you didn't first initiate. Keep your cell phone handy with emergency numbers preprogrammed and keep the phone in your pocket.

* If you must call out and your abuser knocks the phone out of your hand, run for the nearest door. If you're stopped, turned around and pick up something, anything is a weapon! Best yet, don't forget we're all the knives are or even the guns if you need them. The quickest and easiest thing to get though is any object closest to you if you need to escape your abuser and you're stopped. If necessary, break a window and yell out, even crawl out if absolutely necessary. Get the attention of passersby especially those on foot or bike. Any neighbors out nearby, scream, holler, make a scene, draw attention to the situation even if you must scream, "fire!" When authorities arrive, press charges and make them stick! No one should be financially abused, no one! Don't let an abuser trying to take advantage of you gain the upper hand, go for blood if necessary, anything to protect your life and safety.

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