What Can Be Done to Stop Financial Exploitation of the Elderly?

Those who exploit the elderly are criminals and should be treated accordingly.

Not all people can be trusted.

Some people strive to make an honest wage.

Others do not.

These people make their money through deception or abuse.

According to a recent The Texas Tribune article titled “New law aims to help elderly Texans fooled by scammers,” the Texas government is trying to better protect the elderly and bring the perpetrators to justice.

What will the law do?

It grants financial institutions the power to halt suspicious transactions.

Although such institutions have taken such actions in the past, the new law provides important legal protections for them.

Although it passed, there were some concerns.

What were these concerns?

Some believed banks and financial institutions had no right to interfere with a person accessing his or her own money.

Overall, the Senate and House felt providing protection was of greater importance.

Can the financial institutions halt funds whenever they like?

No.

The law instructs these institutions to create specific policies and procedures for their employees should they suspect elder financial abuse.

These institutions can also notify a third party connected to the elderly adult to inform them of their suspicions.

The law does not fix all potential problems, but it can help.

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: Texas Tribune (September 19, 2017) “New law aims to help elderly Texans fooled by scammers”