Elder law: Keeping an eye on seniors’ brokers

Most senior citizens have worked hard for their savings. Elder law in New York works to safeguard seniors who are vulnerable to unscrupulous individuals and that can mean brokers hired to look after those savings. Family members need to take stock of what is happening with any investment accounts their elderly loved ones may have.

For instance, when a New York resident had to move her mother out of a Manhattan apartment and into an assisted living facility due to the onset of Alzheimer’s disease, she was counting on using the money that had accumulated in an investment fund her father had opened years back. Money was being drawn on that account to care for the woman’s father who was already in a home. However, upon closer examination of that account, she noticed something very wrong. The account was minus $100,000 in one month.

After some major digging on her own, the woman hired a forensic consultant and a lawyer to investigate further. It turns out that the account was charged $128,000 in commissions by the broker in one year alone when the transactions made only yielded a little more than $47,000 in commissions. Instead of taking the firm to arbitration, the woman settled for an undisclosed sum.

Many seniors implicitly trust those they hire to look after their investments. But when something goes awry, a New York attorney experienced in elder law may be able to offer guidance as to what they might do to recoup lost funds or how to handle shady dealings. A lawyer may be able to offer a solution to financial abuse of the elderly that may seem overwhelming.