A little over a month ago, President Trump signed the Senior Safe Act into law.
Senior Safe Act will ensure financial advisors have legal ability to report any suspicion of senior fraud or elder abuse, by protecting those individuals from liability and violations of privacy, if they inform authorities about a fraud.
They will be protected under the law when reporting suspicions to the proper authorities with reasonable care, and good faith.
Senior financial fraud is a $2.9 billion a year industry, according to the Elder Law Counsel.
While many states already have implemented legislation regarding elder fraud and abuse, the new Senior Safe Act will allow states to increase the current laws they have established to protect elder investors, as well as training for advisors, so they can better recognize when a senior is facing financial fraud or abuse.
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