Licensed Fiduciaries Are Working Hard to Combat Elder Financial Abuse (USA)

Licensed Fiduciaries Are Working Hard to Combat Elder Financial Abuse - A $3 Billion A Year Problem

Oct. 6, 2011

SACRAMENTO, Calif (BUSINESS WIRE)

Elder financial abuse strikes one in four seniors in the United States and costs more than $3 billion annually according to a recently released study. The Professional Fiduciary Association of California (PFAC) is working hard to combat this problem and was instrumental in the original passage of the 2006 Professional Fiduciaries Act, which established the Professional Fiduciaries Bureau (PFB), a license and disciplinary body that oversees abuses and regulates the profession.

"Just recently, three licensed fiduciaries exposed a case where an unlicensed caregiver was taking financial advantage of an elderly woman, Donna LeBoeuf, who is suffering from early stage dementia," said Norine Boehmer, CLPF, President of the Professional Fiduciary Association of California. "Thanks to professional fiduciaries Lori Hefner, David Hanks and the late Kathaleen Radke, who wrote a complaint to the Contra Costa County District Attorney and other local agencies on behalf of the victim, the caregiver has now been charged with four felonies and one misdemeanor count of financial elder abuse and is currently awaiting trial."

While LeBoeuf was saved from financial ruin, many other seniors aren't so lucky. The key to stopping elder financial abuse is to be an advocate for loved ones. Know who you are working with and make sure they are licensed. Before signing over Powers of Attorney or hiring a fiduciary to make day to day decision, important questions should be raised, such as:

-- Are you licensed in the State of California? If so, please provide a copy of your current license

-- How long have you been practicing, and what is your background and expertise in the field?

-- What is your specialty?

-- What is the amount of assets under your control?

-- Can you provide me with a resume and references?

Consumers can learn more information about the profession, including what to look for when choosing a fiduciary, a referral list of licensed fiduciaries, code of ethics, complaint forms and licensure in California, by visiting www.pfac-pro.org . For additional licensing information, visit the Professional Fiduciaries Bureau website, at www.fiduciary.ca.gov .

SOURCE: Professional Fiduciary Association of California

SOURCE:     Market Watch.Com
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