House Passes Senior$afe Act

The House of Representatives has passed a bill that would make it easier for financial advisors to report financial abuse of the elderly. H.R.4538 – Senior$afe Act of 2016  https://www.congress.gov/bill/114th-congress/house-bill/4538/text would protect financial institutions and advisors from legal liability if they disclose financial exploitation of senior citizens to a regulator. An advisor would have to receive training on the identification and reporting of suspected elderly exploitation from their firm in order to be immune, the bill says.

The Financial Services Institute (FSI) issued a statement, praising the passage of the bill; the group expects it to pass in the Senate as well. FSI worked with the House Financial Services Committee to get the legislation passed, and is currently seeking co-sponsors for the Senate version. In June, the group took over 100 members to Capitol Hill to meet with lawmakers about the legislation.

Source/more: WealthManagement.com

David Wingate is an elder law attorney at the Elder Law Office of David Wingate, LLC. The elder law office services clients with powers of attorneys, living wills, Wills, Trusts, Medicaid and asset protection. The Elder Law office has locations in Frederick and Montgomery Counties, Maryland.