In 2018, the Financial Industry Regulatory Authority (FINRA) enacted a new rule designed to help protect senior investors. Under this rule, financial advisors are required to make reasonable efforts to obtain the name of and contact information for a "trusted contact person" upon opening a new account or when updating account information for existing clients.
The older the population gets, the greater the potential for elder abuse. States have laws in place designed to combat elder abuse, but some states are doing a better job than others. The consumer finance website WalletHub researched the protections in place in all 50 states and the District of...
Depending on which source you ask, financial losses due to elder abuse are estimated to be somewhere between $3 and $40 billion per year. One of the largest contributors to that loss is unauthorized check writing or other kinds of account tapping – sometimes by a stranger, more often by a “trusted friend...
Caring for an ailing family member is difficult work, but it doesn't necessarily have to be unpaid work. There are programs available that allow Medicaid recipients to hire family members as caregivers. All 50 states have programs that provide pay to family caregivers. The programs vary by st...
Under California law, any person age 65 or older has standing to petition for a restraining order against an individual alleged to have engaged in abusive conduct, even if there is no special relationship between the alleged abuser and victim, such as a caretaking or custodial relationship.
Regulators move to halt abuse. However, fraud is still at $30 billion. Financial abuse of the elderly is high in the U.S., with estimates at $30 billion, and that sum doesn't include unreported cases, according to Consumer Reports in “3 Critical Ways to Prevent Elder Financial Abuse.” Some c...
Scam artist targets woman who is grieving for her husband. Scammers work on the easiest targets, so senior citizens are often their targets in hopes they will catch them off guard at their weakest moments, according to Newsday...
Early signs of the loss of a customer's mental agility may be recognized by banking personnel. New federal legislation gives banks and financial institutions new tools to join in the efforts to halt the ever-growing problem of elder financial abuse, according to The Wall Street Journal in...
The new law goes a long way in protecting the elderly from the increasing threat of scams. Elder financial abuse is very costly, at billions of dollars annually, as well as the emotional toll on the elderly, as the scams become more sophisticated, according to Forbes...
Massachusetts moves to make home ownership easier for elderly. However, the program can create a problem. To avoid the problem of its elderly residents keeping up with tax payments, Massachusetts created a program that lets seniors defer property taxes, until after they pass away. The taxes ...
The government continues its campaign to fight the financial abuse of the elderly in U.S. with a joint webcast by federal agencies. The government has increased its efforts in recent years to combat the financial abuse of the growing elderly population in the U.S. Despite these efforts, many...
May is National Elder Law Month. No elderly person should have to suffer from abuse of any kind. Now is a good time for the elderly to get informed about their legal options for all sorts of things, according to News 4 San Antonio...
Most states are not doing enough to fight crimes against the increasing elderly population. A few states have state level investigative units dedicated to fighting elder financial abuse. However, that may not be enough, according to the Brookings Register...
Pennsylvania considers barring felons from obtaining guardianship of an elderly person. Many states have guardianship laws that sometimes prove to be ineffective in protecting the elderly from abuse. Therefore, state legislatures are looking closely at guardianship laws, according to the Re...
New Hampshire may put elder abuse cases on the fast track. While suspected elder abuse is being investigated and going through the legal system, the abuse can continue. However, some New Hampshire legislators are working on solving the problem, according to Seacoast Online in "House bill wo...
Hundreds of scammers face charges of defrauding elderly. Local law enforcement and elder law attorneys are sympathetic when they hear of scams aimed at the elderly, but they are often unable to do much.
New scams continue to increase, as well as old scams. Among the most common scams aimed at the elderly, involve their grandchildren or the IRS, according to the Minneapolis Star Tribune in "As senior population grows, so do scams targeting their money."
Law enforcement and family members can work together to prove elder abuse. The state of Wisconsin has initiated a program to help law enforcement and family members prove that elder abuse or neglect is occurring, according to WBAY in, "Wisconsin allowing hidden cameras to capture elder abuse...
As the elderly population grows, so does the number of scammers targeting them. There are all sorts of scams that target the elderly, ranging from large ones meant to make millions to very small scams meant to cheat an elderly person out of a few hundred dollars.
Some attorneys take advantage of their elderly clients. One of those who did so, will serve 16 to 40 years in prison. There is a popular image of attorneys as shifty liars who will do or say anything. It is not an accurate portrayal of most lawyers.
Aenean lacinia bibendum nulla sed consectetur. Donec sed odio dui. Maecenas sed diam eget risus varius blandit sit amet non magna. Nulla vitae elit libero, a pharetra augue. Curabitur blandit tempus porttitor. Morbi leo risus, porta ac consectetur ac, vestibulum at eros. Cras justo odio, dapibus ac facilisis in, egestas.