Questions and Answers
I understand many states are now requiring institutions to watch for financial elder abuse and report suspected abuse—what are these laws all about?
You are right in that a majority of the states have some type of legislation on their books designed to protect the elderly from financial abuse. Several states have gone a step further and mandate that institutions watch for signs of elder financial abuse and report suspicions of such abuse to the proper authorities. You will need to check your own state law for specific reporting procedures. One key component to complying with these state laws is training your staff to recognize and understand the "red flags" of elder financial abuse.
(Posted: 09/14/2007)
