Elder law estate planning

New York Seniors & Financial Swindlers

Published on: November 14, 2012 | by Ettinger Law Firm

Financial scammers have long targeted the elderly both for their mental/physical vulnerabilities and the fact that they are more likely to have a large nest egg used for retirement. However, in some ways the problems has worsened in recent years. That is because advances in electronic finances have raised much confusion among the elderly, making them even more likely to fall prey to those willing to take advantage of that vulnerability for their own financial gain.

A blog post at Forbes last week issued another clarion call for all local community members to be on the look-out for elder financial exploitation. The author discussed one pair of theives that tried to bilk a New York woman out of a multi-million dollar property she had owned for decades. In another local case a home care worker stole $350,000 from her client–the senior’s entire life savings.

It is important to remind all local residents that it is not just the obvious targets–seniors with dementia or Alzheimer’s–who are at risk. Literally anyone can be caught, even those who have all their wits about them. As the author noted, ” My mother in law, Alice, is 90 and still very sharp. She would be hard to fool, but I know the right thief could probably do some harm if we weren’t watching closely all that goes on financially.”

Authorities Often Act Too Late to Prevent Elder Financial Abuse

Published on: November 17, 2011 | by Ettinger Law Firm

The Bellingham Herald discussed an often overlooked but vital matter that is of serious concern to our New York elder law estate planning attorneys: elder financial exploitation. Our work helping local residents avoid the probate process, save taxes, and plan for disability, involves elements of trust and relationship-building. Yet, we understand that there are some criminals who are bent on building up trust with seniors only to use their position of influence for their own gain. These fraudulent actors can be found in various settings, from nursing homes and assisted living facilities to one’s own network of friends and family. All local seniors must remain alert to these dangers.

Prevention is particularly important with elder financial abuse, because after the crime is perpetrated there is often little that authorities can do to correct the harm. The Herald story discussed one senior who lost nearly $775,000 in a scheme in which he thought he was investing money only to learn that it was being stolen. The company in which he invested filed for bankruptcy and as was later described as a mere Ponzi scheme. The man leading the fraudulent enterprise was arrested, but the money taken from the senior victim was gone.

Some advocates are raising concerns about the tools available to authorities to help these victims, making it difficult to protect them before they suffer actual financial harm. For example, at the time the victim described in this story began dealing with the fraudulent investor, that investor was already the target of multiple ethics probes for misappropriation of client funds and had actually been charged with a crime. Yet nothing was done to stop the criminal from swindling others. One advocate explained that this case is far from unique. He noted, “It is a common complaint in fraud cases involving the elderly: prosecutors, social service agencies, and attorney regulators are often slow to act, and by the time they do, the damage is done.” Prosecutorial inexperience handling these cases is part of the problem. In addition, some claim that local police officials are not properly trained to handle these matters.

World Alzheimer’s Month Highlights Need for Proper Care Planning

Published on: September 7, 2011 | by Ettinger Law Firm

Local residents who are diagnosed with Alzheimer’s or other cognitive diseases face a series of mental, medical, and emotional challenges. Our New York elder law estate planning attorneys work with many families who have loved ones battling these disabling diseases. Unfortunately, many area residents fail to take appropriate preparatory steps before a victim’s mental capacity is lost. As a result, these families often face difficulties with inheritances and have challenges defining who is in control of legal, financial, and medical issues. Many also struggle to protect the senior’s assets from long-term care costs.

Advocates are working to raise awareness of these issues to help the thousands of local families who are forced to deal with the situation each year after a dementia diagnosis. For example, the New York Chapter of the Alzheimer’s Association began programs this week to support September’s designation as World Alzheimer’s Month. The local organization is sponsoring a variety of activities to raise money for research, support those battling the disease, and educate local families on the importance of conducting New York Alzheimer’s planning. The local advocacy group is offering care consultation services to help families who face many challenges following an Alzheimer’s diagnosis. The organization explained that “the goal is for each family to develop a better understanding of the disease, make a plan to secure needed care, and develop strategies for the best possible symptom management and communication.”

For area community members, the necessary planning usually involves a visit to a New York elder law estate planning attorney to ensure that all the legal affairs are in order. Timing is important, because victims of these diseases often lose the ability to communicate. It is vital to work through these planning issues in the earliest stages of the disease.