That’s right. You’re picking up the tab – Mr. and Mrs. Taxpayer!
Our grandparents and parents are from a generation of savers; people who worked hard, sacrificed, and saved every possible penny for their golden years – and for their children. While not all wealthy, they have amassed enough funds to see them through their lifetime, with hopes and dreams of travel, spending time with family and friends, or pursuing new interests.
When the guardian/conservator has picked the Ward’s financial bones, the Ward becomes a public charge, on Medicaid, for the remainder of his/her life.
In other words, unscrupulous guardians and other fiduciaries pauperize their Wards and then leave the Taxpayers holding the bag while those fiduciaries are working with their headhunters to find new victims.
No one knows how many billions of dollars this “welfare racket” for unethical guardians and other fiduciaries costs the Taxpayers. If anyone is keeping track, no one has been concerned enough to end it – until now!
Not even the IRS. The NY Post’s article “Judge Money Melee Guardians Lax on Tax” reports retired Judge John Phillips’ two former guardians failed to file his tax returns for five years, running up a million dollar tax bill against his former ten million dollar-plus estate. Why? Because they wanted their share first! Judge Phillips, thanks to his court-appointed “protectors,” only had a few hundred thousand dollars left and was in pretty good health at the time the article was written. (He has since passed.) So, who was going to pick up the tab all along for his care when they finished picking his financial bones? The guardian? The guardian’s attorney? No way! You were!
When they’re through “Milking the Helpless,”
Who’s paying for lifetime care?
YOU ARE, if you’re a taxpayer!