New Elder Abuse Law

There is a new law relating to elder abuse that criminalizes elderly financial exploitation…this law is not limited to an incapacitated person.

• Makes it a crime for fiduciaries who knowingly, or recklessly for their own profit or advantage, deprive or take real or personal property of an elderly, disabled or impaired adult for the benefit of someone other than the adult.
   
• Makes it a crime for a person through the use of undue harassment, duress, force, compulsion or coercion acquires possession or control of an interest in real or personal property of an elderly, disabled or impaired adult, or establishes a relationship with a fiduciary obligation to an elderly, disabled or impaired adult that gives the person control or interest in real or personal property or other financial resources.
   
• Prior to this statutory change, unless the incident involved an obvious crime, like a forged check, the police often considered reports of financial exploitation to be family or civil matters allowing the perpetrators to continue the exploitation without fear of criminal liability, which as you can imagine was very frustrating.

Fiduciary Defined

Sometimes people ask for a more clear definition of the term fiduciary, and we came upon this straightforward definition recently and thought we would share it with you.

A fiduciary is an individual, corporation or association holding assets for another party, often with the legal authority and duty to make decisions regarding financial matters on behalf of the other party.

It is usually best to consult your attorney or a trusted advisor if you feel you or your family could benefit by entering into a fiduciary relationship.

Could Your Family Benefit From a Fiduciary?

Over the past several years we have frequently been called-upon to serve in a fiduciary capacity for clients.

As you may know, a fiduciary is a legal or ethical relationship of trust between two or more parties; one party acts in a fiduciary capacity to the other one, who vests their confidence, good faith, reliance and trust to the fiduciary, whose aid, advice or protection is sought in some matter.

In such a relation, good conscience requires the fiduciary to act at all times for the sole benefit and interest of the one who trusts. A fiduciary duty is the highest standard of care at either equity or law.

Several of our earlier posts have referenced the challenges many families face when caring for aging parents or settling their estates. Should your family encounter stress or discomfort due to these or similar circumstances, it can be comforting to know that a trusted advisor such as your estate planning or elder law attorney can also serve in a fiduciary capacity.