Kirk Sanders, Attorney, filed a lawsuit against the former power-of-attorney (POA) for an elderly client. While the elderly client was in the hospital, the former POA, over the course of a week, transferred the client’s title to the elderly person's home to the POA, and transferred all financial accounts into the POA’s name.
It is happening more and more every day. People taking money from elderly people. Sometimes the cases involve a power of attorney ‘gifting’ money to themselves. Other times it’s a ‘friend’ of the elderly person who uses undue influence to receive ‘gifts’. Many times the victim is incompetent. Sometimes the victim isn’t and only becomes aware of the loss later.
The law in North Carolina is clear. Taking money improperly from a disabled or elderly adult is exploitation.
There are two statutes that address this. Here are excerpts from two North Carolina Statutes:
On Saturday, June 14, 2014, two properties were sold (Subject to 10day upset bid) in Stokes County, North Carolina.
The House with 1.44 acres had a high bid of $26,000.00
The tract 5B- 6.583 acres had a high bid of $12,000.00
Both have 10 days in which a buyer can upset the bids by making a deposit with the Clerk of Stokes County. If any upset bids occur in this period, check with the Clerk for more up-to-date bid price.
A recent N.C. Court of Appeals decision highlights the sale of personal property. In the case of Whitesale v. Barnwell, the parties owned a leased interest in real property and a mobile home on Belews Creek Lake in Rockingham County, NC. Ms. Barnwell made numerous arguments against the validity of the sale of the leased interests. These arguments were rejected by the appellate court.
I’ve had several clients in the past who have benefited from an umbrella policy as well as a couple who wished they had one.
An umbrella policy protects the insured (you) above and beyond your homeowners and automobile policy limits. It’s especially important if you want to protect your personal assets in the event of a claim made against you. And it’s typically inexpensive to get an umbrella coverage up to $1,000,000. Approximate annual premiums $250.