April 2010

Personal Financial Planning: Protecting the Elderly from Financial Abuse

From AICPA The Tax Advisor

In 2007, roughly one in eight individuals in the United States was age 65 or older (Department of Health and Human Services, Administration on Aging, A Profile of Older Americans: 2009, at 4). During the past decade, a new term, “senior fraud,” has come to the forefront in the media. It is also sometimes referred to as senior abuse.

Warning Signs:

  • Revisions of power of attorney documents.
  • Changes in beneficiary designations on insurance contracts or other accounts, including IRAs and/or retirement plans.
  • Changes in bank or brokerage account titles to include others as joint owners or as signatories on the accounts.

More.

Leave a comment


Contact

Blackman Kallick
10 South Riverside Plaza
9th Floor
Chicago, IL 60606-3770

p 312-207-1040
f 312-207-1066
info@BlackmanKallick.com

Get Directions

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.