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Kiplinger's recent article highlights the critical importance of estate planning and Power of Attorney (POA) in safeguarding older adults against financial exploitation. It emphasizes how effective estate planning and having a trusted POA can be key in preventing abuse. This piece is a must-read for anyone concerned about the financial well-being of their elderly family members. And if this is a concern for your loved one, Rothkoff Law Group can help: rothkofflaw.com. #RothkoffLawGroup #RothkoffLaw #ElderCareLaw #ElderCare #EstatePlanning #POA

Financial Power of Attorney: When It's Time for You to Take Care of Mom and Dad. https://lnkd.in/gUqqUFs3 #CaryEstatePlanning #EstatePlanning #YourPeaceOfMind #OurPassion #HonestPlanning #EstatePlanningLawyer #WillsandTrusts #NCEstatePlanning

In Illinois, a system meant to protect against elder financial exploitation is failing News the Court by David Jackson - August 11, 2023 The Injustice Watch during a four-month investigation reveal a failed system to protect older adults from financial exploitation, even as a “silver tsunami” of aging baby boomers are increasingly living alone without the support of family nearby. Last year alone, Illinois seniors were swindled out of a record $75.9 million, up from $5 million in 2014, according to FBI reports. Experts say those figures are a vast undercount. Yet the numbers of arrests and prosecutions for elder financial abuse are falling. Holes in banking regulations, loose state watchdog laws, and cost-cutting ripple through almost every level of Illinois government. Illinois ranks 49th among states in the number of suspicious banking transactions per capita reported against older adults by financial institutions, according to an Injustice Watch analysis of federal data. Illinois is also among only six states without its own force of investigators to look into exploitation cases, contracting with about 40 local social service agencies to do that work. None of the systems meant to protect elders are working effectively,” said Chicago lawyer Paige Fox, president-elect of the Illinois chapter of the National Academy of Elder Law Attorneys. “Seniors are easy money. "In Chicago, elder financial exploitation is especially prevalent in predominantly Black neighborhoods, records show. Experts cite a variety of factors, including a lack of police response in those neighborhoods.

Seven Ways to Protect Older Adults from Financial Abuse Note: Scams are everywhere, and older people are prime targets. It’s critical to be vigilant, safeguard personal info, get paperwork in order and more. https://lnkd.in/gf2MMeFt #financialplanning #moneymanagement #personalfinance #taxplanning #adults

Elder abuse - including financial abuse - is rising both in the number of victims and the costs involved. Dale Brown of the Financial Services Institute (FSI) makes the case for the United States Senate to pass the Financial Exploitation Prevention Act to give advisors the tools they need to help stop elder abuse. https://lnkd.in/gNbDnb2a #WealthSolutionsReport #FinancialAdvisors #ElderAbuse #FinancialAdvisors

Together in love but still financially independent? Sharing expenses with multiple loved ones? Budgeting across different incomes? Being together as separate equals can get tricky sometimes, but these are some of my favorite conversations with clients. Solid strategies and tricks can make sure you're respecting each person's independence while also working forward together. Tap me if that sounds way too familiar. Yvette McGee Brown shares her 5 guidelines in this article and she makes good points. (Click the plus sign to see them all.) In point #3, I'll agree about sharing utility passwords but I'd avoid password sharing on banking or financial accounts. Not about trust here - financial password sharing can create unintended outcomes. Check with me (or your Merrill advisor) for ways you can intentionally share access and/or permissions without sharing that password.

Know These Seven Ways on How to Protect Your Older Loved Ones From Financial Abuse. https://lnkd.in/gf2MMeFt #CaryEstatePlanning #EstatePlanning #YourPeaceOfMind #OurPassion #HonestPlanning #EstatePlanningLawyer #WillsandTrusts #NCEstatePlanning #FinancialAbuse

Building some protections into your estate plan can help to insulate your assets against elder financial abuse. https://ow.ly/h57n50Qtp84

Protecting our elders from financial abuse is paramount. Learn seven essential ways to keep older adults safe from scams and exploitation. Stay vigilant, stay safe. #ElderlyFinancialSafety #ScamPrevention #CareForElders #RidleyWealth https://bit.ly/3RLG8As

Seven Ways to Protect Older Adults from Financial Abuse Note: Scams are everywhere, and older people are prime targets. It’s critical to be vigilant, safeguard personal info, get paperwork in order and more. https://lnkd.in/gf2MMeFt #financialplanning #moneymanagement #personalfinance #taxplanning #adults