Who Protects The Elderly From Financial Explotation?

  1. The state of Illinois has enacted legislation to safeguard elderly people from those who might want to financially abuse them by coercing them into changing their estate plans.
  2. Due to the fact that the elderly are frequently preyed upon by caretakers and other others who regard them as easy prey, this is a significant piece of legislation.
  3. This type of exploitation can manifest itself in a variety of ways.
  1. The federal government, states, commonwealths, territories, and the District of Columbia all have laws designed to protect older adults from elder abuse and to guide the practice of adult protective services agencies, law enforcement agencies, and other organizations that work with older adults and their families.
  2. These laws differ significantly from one state to the next.
  3. 10 G.C.A.
  4. 21002 (Georgia Code of Civil Procedure).

What is Elder financial exploitation?

What is Elder Financial Exploitation? Elder financial exploitation is the unlawful or inappropriate use of an older adult’s cash, property, or resources by another individual.

What is DFS doing to prevent elder financial exploitation?

The Department of Financial Services (DFS) has released guidelines to financial institutions on actions they might take to avoid financial exploitation of the elderly. In addition, the Department of Financial Services (DFS) undertook a study of a number of state-chartered financial institutions to learn about their procedures in the area of elder financial exploitation.

How can we prevent elder financial abuse?

Talk about your finances: Those who spoke about their finances with ‘third-party resources,’ such as friends, family, and financial experts, felt more positioned to avoid elder financial exploitation than those who did not talk about their finances with these resources.

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