Elder abuse is a problem that has many legal and financial professionals concerned. When the abuse is in the form of physical abuse or neglect, then Adult Protective Services may step in. Unfortunately, when financial abuse is occurring it is less likely that APS will be able to make a case to get involved, especially when is in the form of undue influence by a close family member. Many professionals are now advocating that estate planners and financial advisors start viewing themselves as one line of defense for this type of elder abuse, and speak up when they witness financial abuse of the elderly.
See Carolyn Rosenblatt, Can Financial Advisors Protect Aging Clients From Financial Abuse?, Forbes, July 7, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
