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Serving Philadelphia, Delaware County, Montgomery County, Bucks County and Chester County since 1996.
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Issue 1, March 2007
FEATURE ARTICLE - New Medicaid Regulations Mean Big Changes |
HEALTHLINE - Aging and Your Eyes |
LIFE CARE PLANNING - What is an Elder Care Coordinator |
CAREGIVER HELPLINE - Resources for Caregivers |
ONE FAMILY'S STORY - Meet Joseph Buonadonna
ONE FAMILY'S STORY - Meet Joey Buonadonna
By the time Joseph Buonadonna got involved, his elderly aunt and her companion had been bilked out of their life savings and money they were counting on
to see them through their remaining years. Their story has a rare happy ending though, along with a message to all seniors and those who care for them.
Beware of signing anything, especially when it involves money, unless you know what you're signing and understand the implications, both now and in the future.
One of the first mistakes Angelina Patton and Nick Gaeta of Broomall, then ages 80 and 85 respectfully, made was to sign away all their assets without having any family members or their
attorney review the transactions. By the time Buonadonna got involved, they had liquidated their savings and invested it in ill-advised annuities and
charitable remainder trusts. But Buonadonna wasn't about to give up. Patton and Gaeta were counting on the money for long-term care, and the income from their questionable trusts wasn't adequate. He sought help
from attorneys Henry Levandowski and Maria Darpino, who were able to recover most of their money by having the trusts terminated.
"The company told us we couldn't fight them, and I believed them for a while," Buonadonna says. "They tried to threaten and intimidate me, said we could never
win, and it would cost us a lot. But I couldn't rest. I wanted Nick and Angelina to have what they worked hard for, and what was legally theirs. Henry thought we
had a good chance, especially after we learned the company was under investigation by the attorney general's office for similar scams."
Patton and Geata were taken in by promises of tax benefits and monthly income while they helped a seemingly worthwhile charity aimed at helping seniors, Levandowski explains. Legitimate charitable remainder trusts
can provide these benefits, and are worthwhile options for many seniors. But in this case, the charity was questionable. The person who came to their home and convinced them to sign on with him was ultimately one
of the beneficiaries, as a trustee of the charity.
"These peple prey on seniors who trust them to make wise investment decisions for them that they may not really understand." Levandowski says. "Whenever you are
asked to make decisions that will affect your current or future finances, don't sign anything until you consult an attorney or other advisor. Your future care and your
estate could be at risk."
"And don't be afraid to fight for what's rightfully yours or be intimidated by threats," Buonadonna adds. Today Gaeta and Patton are living in Philadelphia close to Buonadonna,
where he can watch over them. Their funds are invested in legitimate mutual funds, and they have included legitimate charities in their wills. "Don't wait until it's too
late to take care of your legal, financial and health care planning," he says. "Do it early on, when you are still well, and get the help you need."
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Call Us: (610) 446-9626
Fax Us: (610) 446-9985 |
Visit our offices:
17 Mifflin Ave. Suite 202
Havertown, PA 19083 |
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