The new act is to protect seniors from financial exploitation.
Elder abuse is scary.
If you have older loved ones, you probably worry about them.
You want them to be safe and protected.
You want bad people to be investigated and prosecuted.
According to a recent Think Advisor article titled “House Passes Senior Safe Act,” the government is taking steps to better protect the elderly.
Congress recently passed the Senior Safe Act.
What does it do?
It establishes reforms to the regulation of small regional banks, community banks, and credit unions.
What do the reforms accomplish?
They establish training for individuals providing front-line services and acting as producers in financial firms.
If individuals in the field suspect abuse and report it to regulators and law enforcement, then they will be given immunity in any related administrative or civil proceedings.
There are a few stipulations.
The institution must have conduct training.
The report must be made in good faith.
By helping open lines of communication between institutions and regulators, the bill can help protect seniors from losing their retirement savings to unsavory individuals.
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: Think Advisor (January 29, 2018) “House Passes Senior Safe Act”