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Posts Tagged ‘elder abuse’

Proposed FINRA Rules Will Help Prevent Financial Elder Abuse

Monday, November 16th, 2015

Under new rule proposals soon to be released by the Financial Industry Regulatory Authority (FINRA), financial advisers would be able to delay disbursing funds from the accounts of senior investors if they believe financial elder abuse may be taking place.

Littman Krooks Elder LawOne of the proposed rules would allow financial advisers to wait up to 15 days to disburse funds from senior investors’ accounts if they reasonably believe that financial exploitation is occurring. The proposed rule defines a senior investor as a person who is age 65 or older, or an investor who may be vulnerable for other reasons. The rule would allow advisers to reach out to a person designated as a trusted contact.

A related proposal would require financial advisers to make a reasonable attempt to get contact information for a trusted person on senior investors’ accounts. Under the current proposal, if a senior investor declines to provide such information, the adviser is still permitted to open the account.

The proposed rules would require that if an adviser paused disbursements on a senior investor’s account because of suspected financial elder abuse, the adviser would be required to notify the trusted contact. However, if the trusted contact is the person suspected of committing the exploitation, then the adviser could notify another family member or other responsible party.

The proposed FINRA rules are similar to rules proposed by the North American Securities Administrators Association (NASAA) recently. The NASAA rules allow for a 10-day hold on disbursements when abuse is suspected, and provides for qualified immunity from civil or administrative liability for firms that report suspected financial exploitation of seniors.

 

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Planning for Diminished Capacity

Tuesday, June 23rd, 2015

Older investors are at risk for “diminished financial capacity,” or a decline in the ability to manage money and other assets in one’s own best interests. Such a decline is a problem in itself, and it also may make investors more vulnerable to fraudulent investments and other forms of financial abuse. senior couple planning

In a recent bulletin, the Securities and Exchange Commission (SEC) stressed the importance of planning for the possibility of diminished capacity. In order to minimize difficulties for investors and their families, the SEC recommends taking these steps:

  • Organize important documents in an accessible, safe location so that they can be available to loved ones in an emergency, and keep them up to date. This includes bank and brokerage statements and account information, mortgage and credit information, insurance policies, Social Security and pension information, and contact information for your attorneys and financial and medical professionals.
  • Provide financial advisers with trusted emergency contacts. Make sure that investment advisers or brokers have the contact information of a trusted loved one they can contact if they suspect something is amiss or if they are unable to get in touch with you.
  • Consider a durable financial power of attorney. Such a document gives a trusted person the power to make financial decisions on your behalf. It is called “durable” because it remains in effect if you become incapacitated. You may still revoke or alter it while you retain capacity.
  • Consider involving a loved one in your financial affairs. If you become incapacitated, it will be much easier for a loved one to help out if he or she already has some idea of your finances. For instance, you may wish to consider having duplicate statements sent to a friend or relative.
  • Speak up if something is amiss. If you feel that someone is trying to take advantage of you financially, or you are having trouble with managing your affairs, talk about it with someone you trust. General elder abuse can be reported by calling the Eldercare Locator at 1-800-677-1116. Suspected elder financial abuse involving investment advisers or brokers can be reported by calling the SEC at 1-800-732-0330.

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Harper Lee Case and the Ability to Consent

Monday, April 6th, 2015

Harper Lee, the author of To Kill a Mockingbird, is 88 years old and resides in an assisted living facility in Alabama. She has maintained a lifelong aversion to publicity and an insistence that she would never publish again. When HarperCollins announced that a book by Lee would be published in July, questions immediately arose. Public communication from Lee about the book came only from her publisher, her literary agent and her attorney. Lee’s friends expressed concern over whether she has the capacity to consent to the publication of the work, Go Set a Watchman, and as a result, a formal investigation was undertaken by the State of Alabama.

After extensive interviews with Lee, her friends and employees at the facility, the investigation was closed without a finding of abuse or neglect. Regardless, this case highlights the importance of a senior’s ability to consent and the potential for abuse.

For consent to be legal and proper, the person consenting needs to have sufficient mental capacity to understand the implications and ramifications of his or her actions. If it is unclear what a senior understands about a transfer of property or a document such as a will or trust, then the potential for wrongdoing arises. Seniors can be at risk from investment swindles, phony charities and other forms of financial fraud. They can be exploited by strangers, health aides or even friends and family members. It is important to be alert for warning signs that someone may be taking advantage of a senior’s inability to consent, and get help if such exploitation is suspected.

If elders or their loved ones suspect that a senior has been taken advantage of, they can get help from the New York State Office of Children and Family Services. Residents can call 1-800-342-3009 (press Option 6) for the phone number of their county adult services office or visit this link for more information.

 

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New Program Enlists Doormen to Watch for Elder Abuse

Friday, December 13th, 2013

A new program in New York City is training doormen who work in apartment buildings to watch for elder abuse.

The Harry and Jeanette Weinberg Center for Elder Abuse Prevention, part of the Hebrew Home at Riverdale, developed the program, which offers free training for doormen, porters, concierges and other building staff, at the building where they work.

Joy Solomon, the director of the Weinberg Center, said that many elderly people who were being abused did not come forward on their own, so advocates realized they would have to reach out to others who might be likely to spot the signs of abuse. The center has already helped to educate people such as estate lawyers, speech therapists, and those who deliver hot meals to seniors. Now building staff are being enlisted to help as well.

Many buildings in the city have a growing population of elderly residents. An analysis of census data by Queens College found that by 2040, an estimated 21 percent of adults in New York City will be age 60 or older, an increase from 17 percent in 2010.

At a training she led recently, Ms. Solomon told of an elderly resident of an Upper East Side apartment building, who was taken advantage of by a woman. Building staff witnessed the woman removing valuables from the man’s apartment, but did not step forward, perhaps because they did not want to overstep their bounds. Solomon said that when a staff member knows that something is wrong, it is important to take action. Several older apartment building residents said they would much prefer that building staff say something about a situation that does not appear right, rather than staying quiet out of a fear of prying into someone else’s business.

For elderly residents who do not have frequent visits from friends and family, a doorman may be the first person to notice an injury, signs of confusion, or other evidence that the person needs help.

Solomon said that the training would be provided initially to buildings with large populations of older people, but would eventually be available to anyone requesting it.

 

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