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Tuesday, May 21, 2019

Loss of Family Wealth in Texas and Throughout the United States is on the Rise by Texas Family Wealth Lawyer

Many Texas Families are Losing a Significant Amount of Wealth Through Elder Financial Abuse and Failed Multigenerational Transfers by Texas Family Wealth Lawyer Jason S. Coomer

A significant amount of family wealth is lost every year through failed multigenerational transfers, lack of information, and financial elder abuse. This loss of family wealth is estimated to be over $50 Billion each year.   This loss of family wealth is especially common in several situations including 1) families who are spread out throughout the United States or the World, 2) families faced with a sudden loss of the person controlling the family's wealth, and 3) families who become victims of fraudsters and ruthless opportunists who take wealth from the elderly or those with diminished capacity.

In many of these situations, an experienced family wealth lawyer can help prevent the loss of wealth and in some situations can help reclaim wealth.  For more information on this topic, please go to the following web pages: Texas Out of State Probate and Inheritance Lawyer Information, Texas Probate and Inheritance Lawyer Information, and Texas Elder Financial Abuse Lawyer Information.

In the State of Texas alone billions of dollars in bank accounts, oil royalties, insurance money, safety deposit box contents, stocks, retirement funds, real estate, and other wealth is stolen, forgotten about, becomes lost, or is unclaimed.

Most Elder Financial Abuse Involves a Family Member, Caretaker, Stock Broker, Financial Planner, or Financial Adviser by Texas Guardian Fraud Lawyer, Texas Power of Attorney Fraud Lawyer, Texas Alleged Elder Financial Abuse Fraud Lawyer and Texas Alleged Elder Financial Abuse Lawyer 

A recent study has found that Financial Elder Abuse and financial fraud against the elderly are on the rise.  Further, that most elder financial abuse crimes involve a family member, financial planner, financial adviser, or caretaker.  This elder financial abuse and fraud is most commonly committed against woman over 80 years old.  This financial exploitation of elderly persons can include changes in investments; buying real property and vehicles for people; large cash withdraws; selling inherited real estate; gifting mineral interests; excessive use of ATM or credit cards; unnatural changes in a will, power of attorney, beneficiary designations or financial documents; documents signed under duress; theft of valuables or money; transfers of money, mineral interests, oil royalties, or assets; forgery of checks, financial transaction documents, or other documents; isolation from family, friends, community, or other stable relationships; and use of medications to subdue the elderly person.

For more information on elder financial abuse, please go to the following web page: The United States of Elder Fraud – How Prevalent is Elder Financial Abuse in Each State? 

Many Families have Spread Out Across The United States and Throughout the World, Therefore it is Often Helpful to Hire a Texas Probate Lawyer to Assist with the Texas Probate Process and to Handle Estate Issues

Many families have spread out throughout the United States and around the World.  For the family member that lives out of state and has never been through the Texas probate process, it can often be challenging to understand what should be done under Texas probate law.  At a time when they want to grieve the loss of their loved one, they are often forced to deal with difficult issues including:

    1) Who should be in control of their loved ones' estate?
    2) What needs to be done to have an administrator or executor appointed?
    3) What are probate & non-probate property?
    4)  What should be done to protect estate property?
    5)  Is a Will necessary?
    6)  What can be done with Estate property?  Can it be sold or transferred?

When faced with these decisions, it is often helpful to speak with and hire a Texas probate lawyer to help take care of probate issues.  A Texas probate lawyer can help "out of state" family members through the probate process and help move an estate through probate.

This unclaimed property often occurs when someone unexpectedly dies or becomes incompetent.  When this person is the head of a household or controls a family's wealth, records can often be lost and assets can often go unclaimed.  This is more common when families do not live close to each other and/or do not communicated about financial issues.  Much of this lost or unclaimed wealth is collected by the states and held for rightful owners including heirs and beneficiaries.  However, it is not uncommon for large corporations including oil companies, insurance companies, brokers, financial advisers, and banks to keep unclaimed assets.  

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