A New Illinois Bill To Protect Seniors From Financial Elder Abuse
Please note that Governor Quinn signed a bill that was designed to protect seniors from financial elder abuse. The bill will be handled with the involvement of the Illinois Department of Aging and Illinois Department of Financial Professional Regulation which will establish standards and trainings for employees at financial institutions to keep on the lookout for financial exploitation of the elderly.
The new law is requiring financial institutions across the state to become more vigilant and on the lookout for matters pertaining to financial elder abuse of our senior citizens. The bill requires reporting when abuse is suspected.
This is a step in the right direction. Let’s hope that the implementation will allow this to be a useful tool in protecting the elderly.
Continuing Care Retirement Communities (CCRC)
The Senate recently held hearings on matters pertaining to Continuing Care Retirement Communities (CCRCs).
The investigation dealt with matters pertaining to the current market conditions and some of the financial risk associated with residents in CCRCs. Recently there have been some failures in CCRCs. This places the financial investment and also the continuity of care for the resident seniors at risk. The CCRCs are a good concept, but be sure you review the contract for your care thoroughly and do your due diligence early on.
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Anthony B. Ferraro
The Law Offices of Anthony B. Ferraro, LLC
The Estate & Trust, Elder and Asset Protection Law Firm
Columbia Centre I
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Rosemont, IL 60018
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