As we have discussed previously, elder abuse is a problem in Minnesota and across the country. Many states have tried to tackle this problem to keep vulnerable people safe.
In an attempt to try and thwart elder financial abuse, the government recently passed the Senior Safe Act. This program requires financial institutions to train their employees to be aware of suspicious behavior. The employees are trained to recognize senior financial abuse and the act offers a way for the employees to report their concerns.
Although this law is in place, there are certain complications that can arise. A financial professional may not want to engage in this awkward conversation with someone who is suffering from dementia, and they may not have the skills necessary to make a medical diagnosis of reduced mental capacity. In addition, family members are often the source of elder abuse, which can make it difficult for financial professionals to spot it. And, the elderly person may not want to report their family member or friend because it can jeopardize their relationship.
Family members who suspect their loved one is being taken advantage of financially may want to speak with an attorney who specializes in these matters. Elder financial abuse is a serious problem and families should be aware of the signs. Financial professionals should also try and protect their client as best they can and understand that they have liability protection should they find the need to make a report. It is important to keep seniors and their assets safe from undue influence.