How New Laws Support the Reporting of Financial Elder Abuse

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In May this year, the Economic Growth, Regulatory Relief, and Consumer Protection Act was signed into law, and it contains some elements that are critical to reporting financial elder abuse. This is vital to protecting seniors and their assets, as financial abuse that targets the elderly is reported by the National Council on Aging to cost seniors between $2.9 – $36.5 billion each year and carries severe emotional trauma. In fact, these numbers are thought to be much higher specifically because seniors are unlikely to report these crimes.

The law includes a section from a previous stand-alone bill from Senator Susan Collins (R-Maine) which incentivizes financial institutions to report financial abuse of the elderly (age 65 and up) that they witness. It also provides immunity from any lawsuit alleging elder financial abuse if the financial institution reports it to federal or state law enforcement. This is an important step because financial institutions are often the first to witness this form of abuse through elderly clients making unusual transactions that may indicate a scam.

Working Together is Key to Protecting the Elderly from Financial Abuse 

The elderly are especially vulnerable to financial scams and abuse, and it is often difficult if not impossible to recover from such an event, making it essential that each element of the community work together to prevent and report these incidents. Programs such as the Senior$afe program in Maine encourage this by helping state regulators, financial institutions and legal organizations to work together to educate employees on how to spot financial elder abuse and report it effectively to law enforcement. Similar programs are in place in counties across the country, helping to protect vulnerable citizens. It is also essential that elderly people and their families have someone they can trust to talk to about financial planning to help prevent them from falling victim to a scam.

Protect Elderly Citizens Through Effective Advice and Planning from an Elder law Attorney in New Jersey 

If you would like to help your loved one get the legal assistance they need to protect their assets and wellbeing, speak to elder law attorney Frank R. Campisano today. Experienced in elder law and estate planning, he is compassionate and committed to his clients, ensuring that you’ll receive the highest quality legal expertise and guidance. In addition to sound elder law advice on preventing elder abuse, Medicaid assistance and Medicaid planning, you can also prepare additional estate planning documents, such as a Last Will and Testament, Power of Attorney documents, medical directives and trusts. For a free consultation, please contact us today or visit the website at http://www.scclegal.com/

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