• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Law Offices of Kobrick and Moccia

Long Island Estate Planning Attorneys

ESTATE, TRUST PLANNING &
ELDER LAW INFORMATION CENTER

Call Now: (800) 295.1917

  • Attend Our Free Webinars
  • Home
  • Our Firm
    • About Our Firm
    • Client Testimonials
    • Meet Our Team
  • Services
    • Blended Family Planning
    • Elder Law
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Guardianship
    • Medicaid Planning
    • Nursing Home Planning
  • Resources
    • Articles
    • Elder Law Resources
      • Commack Elder Law
      • Elder Law Reports
      • Harrison Elder Law
      • Hauppauge Elder Law
      • Rockville Centre Elder Law
      • White Plains Elder Law
    • Estate Planning Definitions
    • FREE Estate Planning Worksheet
    • FREE Seminars
    • Frequently Asked Questions
      • Elder Law
      • Estate Planning
      • Families Without an Estate Plan
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Is My Estate Plan Outdated?
    • Legacy Wealth Planning Consultation Form
    • Medicaid Resources
    • Probate Resources
      • Harrison Probate
      • Hauppauge Probate
      • Long Island Probate
    • Probate Checklist
    • Special Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
    • Top Estate Planning Techniques
  • Communities We Serve
    • Nassau County
      • Garden City
      • Lynbrook
      • Malverne
      • Rockville Centre
    • Suffolk County
      • Commack
      • Dix Hills
      • Hauppauge
      • Nesconset
      • Smithtown
    • Westchester County
      • Harrison
      • Mamaroneck
      • Rye Brook
      • White Plains
  • Webinars
  • BLOG
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
Home » Elder Law » New York Governor Unveils Plan to Protect Seniors from Financial Exploitation

New York Governor Unveils Plan to Protect Seniors from Financial Exploitation

February 3, 2017 by Anthony Moccia

financial exploitationAbuse and neglect of the elderly is certainly not a new problem in the United States. It is, however, a growing problem due in large part to the fact that the elderly population in the U.S. is also growing at an astounding rate. As law makers and law enforcement officials scramble to figure out how to handle the growing problem, loved ones worry that their parent, family member, or neighbor could be a victim. Combating the problem begins with understanding the problem. When it comes to elder abuse, people automatically focus on the threat of physical and/or emotional abuse; however, financial exploitation is actually the most common form of elder abuse in the U.S. In an effort to combat financial exploitation of the elderly, New York Governor Cuomo recently unveiled a plan to protect seniors from predators who prey on the elderly.

How Bad Is the Financial Exploitation Problem in the U.S.?

Elder abuse touches millions of lives every year in the United States given how prevalent it is. Exact data regarding just how common elder abuse and neglect is across the country is difficult to come by for several reasons. First, because many individual states have just recently passed laws making elder abuse and neglect a crime, the reporting requirements can differ greatly from one state to the next. Even more importantly, however, is the fact that many older victims do not report the abuse and/or neglect. Some victims are reluctant to report the abuse because they are ashamed or embarrassed to find themselves a victim. Other victims fail to report the abuse because they remain dependent on the very person who is abusing them. Sadly, experts tell us that as many as 90 percent of the perpetrators of elder abuse and neglect are family members or close caregivers of the victim.

With regard to financial exploitation, experts estimate that as many as five million incidences of financial exploitation of a senior occur every year in the U.S. One in every 20 older adults actually admits to having been exploited in the recent past, according to the National Adult Protective Services Association (NAPSA); however, only about one in 44 cases of financial abuse is ever reported. The financial losses suffered by victims and the government are staggering as well. One in 10 seniors is forced to turn to Medicaid for help covering healthcare costs as a result of being scammed out of his/her nest egg. A 2013 study found the impact of financial exploitation in New York to be at least $1.5 billion.

Governor Cuomo’s Plan

Combatting the financial exploitation problem in the U.S. will take a concerted effort by everyone on the forefront of the problem. With that in mind, part of Governor Cuomo’s plan focuses on banks. Under Cuomo’s plan, the state would launch an elder abuse certification program for banks throughout the state to help train bank employees on how to recognize financial abuse. The governor also will introduce legislation that aims to strengthen banks’ ability to place holds on potentially fraudulent transactions and prevent elder financial abuse. If potential fraud is identified and a hold is applied, the banks will be required to report abuse to state agencies.

Cuomo said he’s making elder financial abuse a priority because exploitation of seniors is a “national issue.”  The Governor went on to say that “Exploitation of seniors is a particularly heartless and heinous crime and this administration is committed to doing everything in its power to stop this abuse and ensure these New Yorkers receive the protections they deserve. These proposals will help seniors keep their finances and assets from being vulnerable to thieves and unscrupulous practices, and stop those who seek to exploit them right in their tracks.”

The governor’s plan also eyes protections for homeowners with reverse mortgages. A loophole in existing state law doesn’t provide protections to homeowners that utilize reverse mortgages. Cuomo wants to amend the state’s Real Property Actions and Proceedings Law and Civil Practices Laws and Rules to ensure the consumer protections apply to reverse mortgages. He’s also directing the state Department of Financial Services to review reverse mortgage regulations.

Contact Us

If you have questions or concerns relating to elder abuse and/or neglect,  contact an experienced elder law attorney at the Law Offices of Kobrick & Moccia by calling 800-295-1917 to schedule your appointment.

  • Author
  • Recent Posts
Anthony Moccia
Anthony Moccia
Anthony Moccia is an attorney and partner at The Law Offices of Kobrick & Moccia.His practice focuses on estate planning and elder law.He is a member of the New York State and Nassau County Bar Associations.He frequently presents free seminars on wills & living trusts to area residents and his seminars are said to be “informative, entertaining & easy to understand.”
Anthony Moccia
Latest posts by Anthony Moccia (see all)
  • “Last Will and Testament” Origin - April 1, 2021
  • Do I Need a “Durable” Power of Attorney? - April 2, 2020
  • Joint Tenancy Pros and Cons - March 31, 2020

Filed Under: Elder Law

Other Articles You May Find Useful

Harrison elder law attorney
How Can a Geriatric Care Manager Help You?
Harrison elder law attorney
The Sad Reality about Elder Abuse
Harrison Elder Law Attorneys
Health Workers Are Not Reporting Signs of Elder Abuse
Hauppauge elder law attorneys
Report Shows Lack of Oversight of Assisted Living Facilities
Federal Authorities Investigating Elder Abuse Scam
Harrison elder law lawyer
How to Be a Long-Distance Caregiver

Primary Sidebar

Law Offices of Kobrick and Moccia

Download our free estate planning worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

GARDEN CITY

1305 Franklin Avenue Suite 170
Garden City, NY 11530
United States (US)
Phone: (516) 248-9500
Fax: (516) 248-7606

HAUPPAUGE

150 Motor Parkway Suite 401 (Regus)
Hauppauge, NY 11788
United States (US)
Phone: (631) 941-3400
Fax: (516) 248-7606

HARRISON

600 Mamaroneck Avenue, 4th Floor
Harrison, NY 10528
United States (US)
Phone: (914) 701-0777
Fax: (516) 248-7606

MAP

kobrick_sidbr_map

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Footer

footer-logo
  • Facebook
  • LinkedIn
  • Twitter

The information on this Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Kobrick and Moccia, Attorneys at Law. Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

Law Offices of Kobrick and Moccia
Attorney Advertisement
© 2023 American Academy of Estate Planning Attorneys, Inc.