Elder Issues

Elder Abuse Rises as US Population Ages

Elder Abuse Rises as US Population Ages

As a vast sector of the US population reaches old age and the systems in place to supervise its care remain inadequate, instances of elder abuse will continue to rise. This includes not only the physical and emotional abuse of the elderly in nursing homes and care facility, but also financial exploitation and abuse at the hands of family, friends, caregivers, and financial advisors.

Elder Abuse Awareness Day

Elder Abuse Awareness Day

Elder abuse is everywhere, though; not just on the news. One of the reasons for the growing problem is that the largest and wealthiest generation in American history — the Baby Boomers — have retired and are aging. Meanwhile, their children and grandchildren may be struggling. This is a recipe for disaster and exploitation that regulators and legislators have been working diligently to solve before it gets any worse.

Older Americans Face Rise in Deadly Falls

Older Americans Face Rise in Deadly Falls

According to a new study, falls among Americans 75 or over are becoming more deadly. This statistic is made even more tragic due to the fact that many of these fatal falls are preventable.

SEC Philadelphia Office Opens Program to Help Senior Investors Avoid Scams

SEC Philadelphia Office Opens Program to Help Senior Investors Avoid Scams

In an upcoming program directed at the general public, the SEC Philly office, in conjunction with the Financial Industry Regulatory Authority (FINRA), the Pennsylvania Department of Banking and Securities, and Temple University’s Institute on Protective Services, will share the latest on the products, strategies, and scams that most affect elderly investors.

Legislators Seek to Bar Brokers from Client Wills

Legislators Seek to Bar Brokers from Client Wills

Four United States Senators have sent a letter to the CEO of securities industry regulator FINRA asking the agency to bar stock brokers from client wills. Lead by Democratic Senator Catherine Cortez Masto, the Senators have sought to curb elder financial abuse by financial advisors who illegitimately appear in client wills. The move by the legislators came as a result of a Maryland broker receiving $500,000 from a client who was suffering from dementia and had been living in a nursing home.

Major Regulators Issue Senior Safe Fact Sheet

Major Regulators Issue Senior Safe Fact Sheet

Signed into law a year ago, the Senior Safe Act specifically addresses how financial professionals can do a better job in reporting suspected senior financial abuse and exploitation to the authorities. The fact sheet was circulated on the first anniversary of the passage of the Senior Safe Act in order to further promote awareness or resources and training among financial professionals, institutions, senior investors, and their families.

Senior Abuse Often Hits Uncomfortably Close to Home

Senior Abuse Often Hits Uncomfortably Close to Home

Approximately one in five Americans who are over 65 will suffer some form of elder financial abuse, and estimates suggest that more than $30 billion is lost every year due to investor fraud, caregiver abuse, and other forms of financial exploitation.

Report Indicates PA Must Do More to Fight Elder Abuse

Report Indicates PA Must Do More to Fight Elder Abuse

A recent report by the Pennsylvania Office of the State Inspector General has delivered sharp criticism of how agencies at the county level handle thousands of complaints about elder abuse and how the state supervises investigations into these complaints. It is the state’s duty to ensure that such investigations are reasonable and thorough.

Financial Scams Targeting the Elderly: A Growing Problem

Financial Scams Targeting the Elderly: A Growing Problem

As baby boomers hit retirements, bringing with them the largest amount of wealth a single generation has ever possessed, regulators at the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) foresee an ever growing number of financial scams designed to separate boomers from their hard-earned savings.

Aging Parents & Unscrupulous Brokers

Aging Parents & Unscrupulous Brokers

Yet another article from The New York Times reminds us that in caring for our aging parents and relatives, not only are we responsible for finding them suitable end of life care and living arrangements, but we must also keep an eye on the people managing their money.

Marvel Comics Creator Needs Superhero to Combat Elder Abuse

Marvel Comics Creator Needs Superhero to Combat Elder Abuse

The federal government has kicked into high gear regarding elder financial abuse. But the best way to prevent it from happening remains to take precautions on your own behalf or on behalf of your parents and grandparents.

Philly District Attorney Launches Unit to Go After Elder Financial Abusers

Philly District Attorney Launches Unit to Go After Elder Financial Abusers

Philadelphia is getting serious about its elder financial abuse problem. As we noted in a recent blog post, the Philadelphia Office of the Securities and Exchange Commission announced that it would be hosting public awareness talks and meetings to combat the growing problem of elder financial abuse. That announcement was followed by the District Attorney for Philadelphia Larry Krasner's statement that he would be creating a special task unit targeting perpetrators of financial fraud against senior citizens.

Philly Fed Urges Seniors to Use Trusted Contact Program to Protect Wealth

Philly Fed Urges Seniors to Use Trusted Contact Program to Protect Wealth

In a recent pronouncement, the Federal Reserve Bank of Philadelphia has suggested that anyone - but especially Philly seniors - provide their bankers or brokers with trusted contact information in the hope of cutting down on elder financial abuse.

Trump Admin Reduces Fines on Negligent Nursing Homes

Trump Admin Reduces Fines on Negligent Nursing Homes

Even as reports continue to confirm that abuse and neglect in local nursing homes is a major issue facing our elderly, the Trump administration has elected to scale back fines against nursing homes that harm or jeopardize the well-being of residents.

Philadelphia Nursing Homes: A Pattern of Neglect and Abuse

Philadelphia Nursing Homes: A Pattern of Neglect and Abuse

According to an unsettling new report from the Community Legal Services of Philadelphia, the Pennsylvania Department of Health continues to fail to adequately investigate complaints about nursing home abuse and neglect in facilities around the state.

New Jersey's Best and Worst Nursing Homes

New Jersey's Best and Worst Nursing Homes

According to a revealing new report by NJSpotlight.com, which organized data provided by investigators who annually inspect 364 New Jersey nursing homes accepting Medicare and Medicaid, “the average New Jersey nursing home has about six deficiencies, ranging from food preparation to fire exits without proper signage and lighting to physical abuse.”

Nursing Home Abuse and Neglect Controversy

Nursing Home Abuse and Neglect Controversy

According a recent Philadelphia Inquirer article, lawmakers insist that enough nursing homes receiving government subsidies or support remain understaffed, thus increasing profit at the expense of care, to justify subpoenas, investigations, and litigation. The nursing home industry vehemently disagrees, and they have found their own lawyers to drive their point home.

Beware Phony Senior-Specific Investment Professionals

Beware Phony Senior-Specific Investment Professionals

The law prohibits the use of senior-specialization designations by any person who lacks certification from an accrediting organization. This law makes clear that using a phony senior-specific designation that falsely implies some financial expertise in the investment needs of our elderly investors is against the law.