What is the Government doing to Address Elder Financial Abuse?

Elder financial exploitation is a national problem.

Have you or a loved one been a victim of financial exploitation?

Are you afraid you or your elderly parent will be targeted?

If yes, then you can rest assured actions are being taken to prevent such crimes.

According to a recent kiow.com article titled “Senate Passes Bipartisan Bill Curbing Crimes Against Seniors,”  the Senate passed the Elder Abuse Prevention and Protection Act of 2017.

This bipartisan bill was introduced by Senator Richard Blumenthal (D-CT) and Judiciary Committee Chairman Chuck Grassley (R-IA) .

What will it do exactly?

It will allow increase information and data sharing and collection regarding elder abuse and exploitation.

The bill was designed with the financial exploitation in mind as it can sometimes be overlooked.

Why was it created?

The bill was designed as the result of a 2016 Judiciary hearing regarding financial abuse of older Americans.

Seniors lose $36 billion annually to criminals who take their financial resources.

The bill found support from many organization including SIFMA, the Alzheimer's Association, the 60 Plus Association, the Consumers Union, and the National Center for Victims of Crime.

 Perhaps this bill will help bring criminal opportunists to justice. 

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: kiow.com (August 4, 2017) “Senate Passes Bipartisan Bill Curbing Crimes Against Seniors”