Financial abuse of the elderly is running rampant in the country and is growing as the population ages. Yet, there are few consistent national standards for what financial advisors, who deal with the money elderly people have worked a lifetime to save, should do when they suspect abuse.
Thomas Fields, a resident of Mentor, Ohio, knows first hand what can happen in financial abuse cases. He has been battling the issue for more than two decades and is now asking financial advisors to assist him in his efforts to develop some kind of consistent standards.
Fields says his father was the victim of financial abuse before he died in 1991 when he was convinced to sign over his house to someone – an action he had repeatedly refused to do before he became seriously ill. The family spent thousands of dollars and countless hours trying to straighten out the mess. Fields would like others to be able to avoid this kind of problem.
Fields has lobbied for a protocol that would set out specific questions to be answered whenever financial abuse is suspected, including when someone is asked to sign financial papers while on a morphine drip.
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Financial Advisor Input Sought On Fraud Against Elderly