Financial Elder Abuse: A Primer for AgentsBy Barbara Pronin
When most people think about elder abuse, they picture the physical and/or emotional mistreatment that can befall defenseless older adults. But sadly, devious family members and others in positions of trust (and even professional criminals) find it alarmingly easy to steal and/or misuse the assets of vulnerable senior citizens and/or to inappropriately manage their affairs. In fact, studies show that financial exploitation is the first or second largest category of elder abuse.
A recent presentation by the California Land Title Association enumerated the following strategies for how real estate professionals can spot red flags and prevent transactional abuse when dealing with older clients and/or their caregivers:
The good news is that most states provide for the rescission of real estate transactions or mortgages under circumstances of duress, incapacity, incompetency, undue influence, or lack of authority. As industry professionals working with elderly clients, remaining alert and responding appropriately are useful tools in the mission to protect them. More information is available from the National Center of Elder Abuse , the Department of Justice and the American Bar Association Commission on Law and Aging . Barbara Pronin is an award-winning writer based in Orange County, Calif. A former news editor with more than 30 years of experience in journalism and corporate communications, she has specialized in real estate topics for over a decade. |
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