Recently, Rocky Mountain Elder Law founder Kate Silburn was interviewed on Channel 9’s flagship program Colorado & Company. Kate talked about her passion for caring for others and gave advice on how to prevent financial exploitation among the elderly. You can watch the video of the interview or read the transcript below.
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Interviewer: So, with us on Colorado and Company we have Kate Silburn from Rocky Mountain Elder Law. We all want to build the best life we can for ourselves, and of course, our families and all that hard work deserves to be protected. I spoke earlier with Kate Silburn, the founder of Rocky Mountain Elder Law, and they give families peace of mind by protecting their legacy. Well, it is a pleasure to welcome Kate to the studio this morning!
Kate Silburn: Nice to see you. Thank you for having me!
Interviewer: Absolutely. Well, let’s talk about why you are so passionate about Elder Law. And what caused you to focus on this particular field?
Kate Silburn: I have an absolute passion for end-of-life care and end-of-life planning. I dropped out of high school to help my mom when she was dying. And I was very active with folks who had AIDS in the 80s. I was in the fashion business, and many, many of my friends passed away. And then I became a hospice chaplain.
Interviewer: Oh, my goodness, what it’s been such a journey for you. And here you are today. And obviously, you do such important work. Now, what would you say are some of the common things you see, when it comes to the financial exploitation of those older adults?
Kate Silburn:
Well, I have a passion for helping at-risk adults. And sadly, the most common element of financial exploitation is it’s usually done by a family member. Often, you find someone anticipating their inheritance and property, so they get the power of attorney, and they put their name on the account. And suddenly, there is improper use of Grandma’s money or her real estate.
Interviewer: And that could be a very alarming situation. Because once you’ve got that power of attorney, it’s a done deal. Correct?
Kate Silburn: It’s a done deal. However, I do reverse those transactions in my work, and I do go after the person who financially exploits at-risk adults and elderly people. There’s also the situation where it can be the handyman or the neighbor, who gets the power of attorney and financially exploits.
Interviewer: That is so hard to hear. And I’m so glad that you do this kind of work and you’re able to reverse that kind of process. Now, what steps do you take to prevent that kind of financial exploitation?
Kate Silburn: Well, the foundation for prevention is a good solid estate plan. The fiduciary of the estate plan should be someone that you absolutely trust. And if you don’t have someone you absolutely trust, then it should be a third-party fiduciary, a professional fiduciary company that can help you navigate the issues surrounding your finances when you decline.
Interviewer: It could be complicated for a lot of people, especially as you get into those older years. Now, being the agent in a financial power of attorney is a big deal. But what should someone look for before giving that power to another individual? What are the signs that this is the person I should work with?
Kate Silburn: Trust. Absolute trust, choose someone who you know is going to look out for your interests and not their own. That’s key.
Interviewer: Okay, so that is going to be top of mind now. We hear about Social Security or bank information getting stolen all the time. What are the best ways older adults can keep their information safe? I mean, they’ve been targets for a while now.
Kate Silburn: Yes, monitor, monitor, monitor. So set an alarm to look at your accounts every week, and hopefully, have another set of eyes on them. Either your agent under your power of attorney or someone who’s your financial planner, in any case, you should say I want some other eyes on my accounts to make sure there are no improper withdrawals or use of my money.
Interviewer: Okay, this is all important information. Give me a few steps that are crucial to take so that someone who has an older adult in their lives, or grandma, or an older parent, can start protecting their loved ones right now.
Kate Silburn: Plan, plan, plan! An estate plan is critical to protection against financial exploitation. You want to have those documents in place. You want to choose your fiduciaries consciously and with the intention that you trust them.
Interviewer: Okay, and those words are often said, but sometimes we don’t get it done until it’s too late. Great advice this morning, Kate, thank you so much for being with us this morning.
Kate Silburn: Thank you for having me. It’s been a pleasure.
If you have any concerns that someone you know might be being exploited, please get in touch on (720) 457-4573 or email us at info@rockymtnelderlaw.com.
