• Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to secondary navigation
  • Skip to primary sidebar
  • Skip to footer

Before Header

Call us today for help!  (631) 265-0599
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • Twitter
  • YouTube

Eghrari-Logo

Long Island Elder Law & Estate Planning

  • Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
  • Resources
    • Client Resources
      • Definitions
      • Docubank
      • Elder Law Resources
        • Brentwood Elder Law
        • Central Islip Elder Law
        • Commack Elder Law
        • Hauppage Elder Law
        • Smithtown Elder Law
      • Estate Planning Resources
        • Estate Planning Check Up
        • Estate and Gift Tax Figures
        • Estate Planning Techniques
        • Estate Planning Worksheet
        • FREE Estate Planning Seminars
        • Long Island Estate Planning Resources
      • New York Medicaid Resources
        • Medicaid Planning Worksheet
      • Nursing Home Resources
      • Probate Resources
        • Brentwood Probate
        • Central Islip Probate
        • Commack Probate
        • Hauppage Probate
        • Smithtown Probate
        • Suffolk County Probate Resources & Checklist
      • Presentations
      • Retirement Planning Checklist
      • Trust Administration Resources
    • Elder Law Reports
    • Frequently Asked Questions
      • Business Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Reports
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Incapacity Planning
    • Legacy Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Hospice Care
    • Medicaid Planning
  • Areas We Serve
    • Long Island
    • Nassau County
      • Oyster Bay
    • Suffolk County
      • Brentwood
      • Central Islip
      • Commack
      • Hauppauge
      • Smithtown
  • Blog
  • Contact Us

Mobile Menu

  • Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
  • Resources
    • Client Resources
      • Definitions
      • Docubank
      • Elder Law Resources
        • Brentwood Elder Law
        • Central Islip Elder Law
        • Commack Elder Law
        • Hauppage Elder Law
        • Smithtown Elder Law
      • Estate Planning Resources
        • Estate Planning Check Up
        • Estate and Gift Tax Figures
        • Estate Planning Techniques
        • Estate Planning Worksheet
        • FREE Estate Planning Seminars
        • Long Island Estate Planning Resources
      • New York Medicaid Resources
        • Medicaid Planning Worksheet
      • Nursing Home Resources
      • Probate Resources
        • Brentwood Probate
        • Central Islip Probate
        • Commack Probate
        • Hauppage Probate
        • Smithtown Probate
        • Suffolk County Probate Resources & Checklist
      • Presentations
      • Retirement Planning Checklist
      • Trust Administration Resources
    • Elder Law Reports
    • Frequently Asked Questions
      • Business Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Reports
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Incapacity Planning
    • Legacy Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Hospice Care
    • Medicaid Planning
  • Areas We Serve
    • Long Island
    • Nassau County
      • Oyster Bay
    • Suffolk County
      • Brentwood
      • Central Islip
      • Commack
      • Hauppauge
      • Smithtown
  • Blog
  • Contact Us

Bankers Ask for Help Saving Seniors from Financial Scammers

Long Island elder law attorneys provide help to seniors in protecting assets. There are many different possible sources of loss that seniors could face when it comes to their wealth. Among the potential ways that a senior could lose money involves falling victim to a scam targeting the elderly. Long Island elder law attorneys

Financial scams are such a problem for seniors in Long Island that Long Island Business News reports bankers are asking for help protecting vulnerable seniors from the major financial loss that scams could cause.

It is important for both seniors and their family members to know about common scams targeting the elderly and to take appropriate action when affected by a scam. Give us a call to find out more about the ways that a senior’s assets can be safeguarded and to discover how Eghrari Wealth Training Law Firm can help vulnerable older seniors to protect their financial security.

Bankers Ask for Help to Save Seniors from Scammers

According to Long Island Business News, seniors in New York lose approximately $1.5 billion in assets every single year. These losses occur due to greedy family members and due to con artists who cheat vulnerable older New Yorkers. Financial abuse is actually the most common type of abuse that is reported each year within New York, according to an advocacy group called Lifespan. It is clearly a pressing problem.

And, as bad as this number sounds, it may be only the tip of the iceberg since so many cases of financial fraud and abuse are never reported. The elder abuse coordinator for the New York Attorney General indicated that only around one out of every 44 cases of financial abuse are actually reported to authorities.

There are many reasons why elder financial abuse is so often not reported. Seniors sometimes do not report when they fall victim to a scam as a result of the fact that they are embarrassed they were gullible. Some seniors are not aware of the fact that they are being scammed or their money is being misappropriated. Many elderly people who are victims also suffer from conditions like dementia, which can affect their ability to make decisions about money or to make reports when financial abuse occurs.

Con artists use many tricks in order to try to convince seniors to part with hard-earned money, including scammers claiming they are a grandchild in trouble or posing as a potential romantic interest. The goal of the con artists is to play on a senior’s emotions in order to get the senior not to think with his brain but instead to just react.

Due to the fact that elder abuse is so common, and causes so many significant financial losses, advocates for the elderly testified before the Senate and Assembly’s Joint Committee on Aging recently. The advocates, which included bakers and lawyers, told the Senate and Assembly Joint Committee that stronger protections are needed to try to stop abusive and exploitive practices that rob seniors of their hard-earned funds.

Suggestions that were made by the senior advocates include a Senate bill to allow banks to take immediate action when suspicious activity is suspected. Banks would be allowed to put a hold on the account right away due to suspected fraud. Advocates arguing for reforms, including bankers, also want the state to make it easier and more streamlined to report suspected cases of fraud. Advocates also want laws to release financial institutions from liability when a senior is scammed.

Legislation containing similar provisions has passed previously in the Senate, but was not able to pass the Assembly. It remains to be seen if it passes in the future. Hopefully, some type of stronger protections will be put into place so vulnerable elderly people throughout New York will be at reduced risk of losing all they’ve worked for to a scam.

Getting Help from Long Island Elder Law Attorneys

Long Island elder law attorneys at Eghrari Wealth Training Law Firm can provide assistance in using trusts and other appropriate legal tools to help keep assets safe. We can also offer guidance on many financial issues affecting seniors, as well as on financial planning and asset protection to people of all ages.

To learn more about the services that we offer and the ways that our legal team can help you with financial issues as you or your loved ones age, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online today for personalized advice on your situation.

  • Author
  • Recent Posts
Eghrari Wealth Training Law Firm
Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.
Latest posts by Eghrari Wealth Training Law Firm (see all)
  • How Is Estate Planning Different for Women? - March 8, 2023
  • Is It Time to Consider Guardianship? - March 1, 2023
  • The Problem with Pre-Paid Funeral Plans - February 22, 2023

About Eghrari Wealth Training Law Firm

Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.

Previous Post: «Long Island Medicaid Planning Attorneys How Much Does Long-Term Care Actually Cost?
Next Post: Who Takes Care of Estate Assets During Probate? Long Island Probate Attorneys»

Primary Sidebar

Blog subscription

Subscribe to our Blog for the latest estate planning news and updates!

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

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • Twitter
  • YouTube

Where We Are

Eghrari Wealth Training Law Firm
50 Karl Avenue, Suite 202
Smithtown, NY 11787
Phone: (631) 265-0599
Fax: (631) 265-0754

See Larger Map
Get Directions

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 - 2:00 PM

Map

map for Eghrari Wealth Training Law Firm office

Footer

Office Location

Eghrari Wealth Training Law Firm
50 Karl Avenue, Suite 202
Smithtown, NY 11787
Phone: (631) 265-0599
Fax: (631) 265-0754

See Larger Map
Get Directions

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 - 2:00 PM

Sign Up for Our Newsletter

Sign up to get our free estate planning newsletter for all of our tips and resources

  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Site Footer

ATTORNEY ADVERTISEMENT

Copyright © 2023 American Academy of Estate Planning Attorneys · All Rights Reserved