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Why Financial Elder Abuse Remedies Are Trending In The Law

Elder Financial Abuse Laws.jpgWe just held the midterm elections nationwide this month, and they got me thinking about elder financial abuse laws and the baby boomer generation.

The average age of current Members of the U.S. House of Representatives is 57.8 years; of Senators, 61.8 years. In other words, a significant number of Congressional representatives are baby boomers. And, baby boomers are an important force in American political life - representing some 28% of the population yet controlling 80% of personal financial assets. An average of 10,000 Americans is turning 65 every day - a trend that will continue to 2030.

So, it is natural that America's institutions, public and private, are addressing and implementing significant public policies designed to strengthen laws and regulations to protect elders from financial elder abuse and elder financial exploitation. 2017's bipartisan Elder Abuse Prevention and Prosecution Act, increases coordination, training and resources to federal law enforcement and prosecutors so they can more effectively protect seniors and catch wrongdoers.

This year saw the Senior Safe Act signed into law by the White House. It provides bank employees and investment advisors the legal means to report fraud and exploitation to law enforcement along with additional training in how to spot suspicious activity. The Senior Safe Act's measures will be especially helpful in detecting cases of elder financial abuse by caretakers and family members, who will often misappropriate funds from bank and financial accounts.

As the Senate Special Committee on Aging has acknowledged, elder financial abuse is especially underreported, at a rate of only one in fourteen cases reaching authorities. The scale of the challenge is enormous, and legislative efforts can make a positive impact in the fight against elder exploitation right down to the local level in our own neighborhoods and communities.

The threat of elder financial abuse isn't going away, and along with new laws on the books, baby boomers and their families need to take proper safeguards. Hackard Law represents beneficiaries in estate, trust and elder financial abuse litigation across California, including in Los Angeles, Sacramento, Alameda, Santa Clara, and San Diego. We civilly prosecute substantial cases against wrongdoers who can be held accountable for their wrongdoing. Call us at 916-313-3030 - we want to hear your story.

Why Financial Elder Abuse Remedies Are Trending In The Law from Hackard Law on Vimeo.

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