Financial exploitation is a fast-growing form of elder abuse

A number of years ago, one of the investment advisors at the bank befriended my mother and got her to a large sum of cash out of her account at one institution to her local bank. While the bank advisor might have had good intentions, my mother was not mentally competent to make that decision. The investment advisor some how had her convinced that she in order to get her affairs in order, transferring the money was a good idea. It was unfortunate but my mother did not tell me until after it was done. I would like to see some legislation in this area that further protects seniors from this. Here is a recent article from the Chicago Tribune on finanical elder abuse: Financial exploitation is a fast-growing form of elder abuse It's one thing for a confused senior to make a mistake in trusting the wrong person -- or falling for the "free lunch" deals. But the problem of taking advantage of seniors rises to another level when investment ignorance is supplanted by actual financial elder abuse. Over the years I've written several columns about the fast-growing problem of elder financial abuse. It happens even to those who have concerned family members. Their adult children are afraid to discuss the issues of estate planning and budgeting and bill payment with their aging parents. As a result, many seniors send their money to online ministries or are victimized by home repair scams or all sorts of other fraudulent activities. [Read More]