CFPB Releases Financial Guides for Caregivers
The Consumer Financial Protection Bureau (CFPB) released four guides for individuals who are put in a position to manage other people’s money. These guides are specifically designed for caregivers who are responsible for the finances of seniors and people with disabilities.
The guides will help court appointed guardians, trustees, government fiduciaries and agents under powers of attorney. They center around four main concepts:
- Acting in the person’s best interest
- Managing money and property
- Keeping the person’s money separate from your own
- Maintaining good financial records
“In order to protect our seniors, we must educate the caregiver generation. Today, the Consumer Bureau is publishing a series of guides called ‘Managing Someone Else’s Money.’ The guides are designed to help people meet the responsibility of managing money for a loved one,” said CFPB Director Richard Cordray.
The ‘Managing Someone Else’s Money’ guides are available as PDF downloads and print copies. They all contain information about spotting and preventing scams when you are in control of someone’s finances. They also provide lists of agencies to contact in the event of a fraud or scam, should something come up in the future.
The CFPB worked closely with the American Bar Association Commission on Law and Aging to develop these guides, which are currently available on the CFPB website. If you are a caregiver or financial guardian for someone else, reading over these tutorials may help you manage money better in the future.