Cincinnati elder law attorneys provide invaluable help to seniors and to their families in taking steps to protect and secure assets. There are a number of different legal techniques that can be used to provide protection for the money and property of seniors as they age. The right technique will depend what sources of financial loss the senior is trying to avoid. This could include losses due to scams, high nursing home bills, creditor claims, or a host of other potential sources of financial loss and damage.
Zimmer Law Firm can provide personalized advice analyzing the risks that seniors face and can offer assistance with the creation of a personalized asset protection plan.
Getting legal help from Cincinnati elder law attorneys should be a top item on your to-do list if you are getting older and you are worried about your finances or if you are worried about the financial situation of your loved ones who are aging.
Unfortunately, there are many factors that put seniors at risk that can be hard to mitigate or plan for. For example, protecting seniors from thieves and disreputable people can be a challenge, as many people target vulnerable elderly victims to try to steal their money or property.
Putting laws in place to protect seniors from loss due to scams and tricksters could be helpful in limiting the risk of financial abuse, and just recently the Circleville Herald reported that the director of a local Ohio senior center has expressed gratitude to a state senator for co-conspiring a bill that is aimed at protecting vulnerable seniors from fraud and from financial exploitation.
Senate Bill Would Protect Seniors from Fraud and Financial Exploitation
According to the Circleville Herald, the director of Pickaway Senior Center praised Senator Bob Peterson for cosponsoring Senate Bill 58. Senate Bill 58 does many different things to try to combat senior financial abuse, including requiring more publicity for cases of senior fraud and abuse and increasing the fines that are imposed when someone behaves unethically in regards to a senior’s financial situation.
A release from Senator Peterson’s office indicated that the senator cosponsored the bill in order to try to combat the grave problem of senior financial abuse. Seniors lose approximately $2.9 billion annually to fraud, according to Peterson’s press release, and just 44 cases of financial abuse and exploitation are reported out of 1,000 cases that actually occur. By imposing better standards for reporting and by publicizing scams, seniors could become better informed of potential sources of loss and might not be as likely to be victimized.
Another senator who spoke in favor of the senate bill indicated that while it would not solve the problem of senior financial abuse entirely, the bill would help to prevent financial exploitation. It would not only do so by imposing tougher penalties and requiring more disclosures of fraud cases, but it would also send an important message that the state of Ohio is committed to “providing seniors with the services and protections they deserve.”
Because the Bill passed the senate, it will now move to the house where representatives could vote in favor of it, could vote against it, or could seek to modify it to a new piece of compromise legislation. It is not immediately clear if the bill, in either its current or modified form, is likely to pass.
Getting Help from Cincinnati Elder Law Attorneys
It remains unclear if or when any legislation will pass to provide more protection for seniors. Those who are getting older, or who are concerned about aging loved ones, will need to try to work within current laws to protect assets as much as possible. Often, this means making use of legal tools such as powers of attorney and trusts.
Cincinnati elder law attorneys at Zimmer Law Firm can provide the help necessary for you and your loved ones to make a comprehensive asset protection plan. We can customize your plans to meet your needs and to account for the most likely sources of loss you’ll experience.
To find out more about how our firm can help you, join us for a free seminar. You can also give us a call at 513-721-1513 at any time to talk with an attorney you can trust.