Howard S. Krooks, chair of the Elder Law Practice at Cozen O’Connor, is quoted extensively in the newly released book "My Mother’s Money: A Guide to Financial Caregiving" by personal finance journalist Beth Pinsker, CFP. The book examines the financial, legal and emotional challenges families face while caring for aging parents and features Krooks’ insights on long-term care planning, guardianship issues, and strategies for protecting vulnerable seniors.
Krooks addresses the frustrations families often encounter when navigating financial institutions, including requirements such as the medallion signature guarantee stamp, which is intended to certify that a customer’s identity has been verified. This may be required by a financial institution when a beneficiary is seeking to liquidate accounts of a now deceased family member. “You may say that’s not rocket science,” Krooks said, “but there are plenty of people who assume that what is required cannot be changed and don’t have the wherewithal to keep calling and fighting.” In fact, some financial institutions when pressed will eliminate the very difficult to obtain medallion guarantee stamp in favor of the simpler notary stamp.
The book also highlights the limitations of a one-size-fits-all approach to estate planning. In the chapter, "Stop Procrastinating on Basic Estate Planning", Pinsker explains that when someone dies without a will, state law generally dictates an equal division of assets among heirs. “Some people get stuck and decide to punt and let the state figure it out,” she writes.
Krooks expanded on that mindset, saying, “They’ll say, ‘I just want it to go equally, and I don’t care to pay for a plan.’” Pinsker cautions that defaulting to equal treatment or delaying planning decisions can lead to unintended consequences. For example, assets may go to an unintended beneficiary using this approach, or a beneficiary requiring special needs planning may be overlooked, causing serious financial harm and loss of government benefits.
The book also addresses timeshares as assets that can create ongoing administrative demands for families, particularly in later-life planning. In some cases, families may choose to disclaim an inheritance to avoid assuming ownership. Krooks said that when a timeshare is disclaimed, it passes to the next beneficiary in line until no family beneficiaries remain, at which point it is distributed under state intestacy laws. He said outcomes often depend on the terms of the timeshare contract, underscoring the importance of legal guidance.
In "My Mother’s Money", Krooks shares perspectives drawn from his work with families navigating aging-related concerns. His contributions offer practical guidance on advocating for loved ones, understanding financial institutions’ requirements and recognizing when legal intervention may be necessary. The book further highlights Krooks as a trusted authority in elder law and a leading voice for seniors and their caregivers nationwide.