FinCEN Elder Financial Exploitation Advisory – June 15, 2022 – what it really means is that people need estate planning attorneys and diligent financial institutions, and to have and designate trusted people and contacts

I have provided below a scan of the FinCEN June 15, 2022 Advisory on Elder Financial Exploitation. What struck me from the advisory is that there really isn’t anything new – the numbers of reported incidents of elder financial abuse and exploitation are huge, and those are just the cases that were reported to FinCEN.

Here is the paragraph about the numbers of filed Suspicious Activity Reports (SARs) related to EFE (elder financial exploitation), which I presume also doesn’t include victims or potential victims who would be classified as dependent adults (i.e., people under the age 65, and thus, not elders):

“In 2021, financial institutions filed 72,000 Suspicious Activity Reports (SARs) related to EFE. As referenced in the advisory, this represents an increase of 10,000 SARs over the previous year’s filings. The Consumer Financial Protection Bureau (CFPB)’s estimate of the dollar value of suspicious transactions linked to EFE has similarly increased—from $2.6 billion in 2019 to $3.4 billion in 2020. This is the largest year-to-year increase since 2013.”

I have provided below the scan of the entire advisory. However, as I have long said, there is no way that governmental or other authorities can address or even evaluate and prosecute the numbers of incidents that are reported, including financial, physical, and mental abuse and exploitation of elders and dependent people. And some estimates are that the incidents that go unreported are 5-10 times the numbers that are reported. People need estate planning attorneys to help them name or appoint and designate trusted people and contacts who will help them and take action if the need arises. And people need diligent financial and investment institutions that will take appropriate protective actions, and who will also contact the trusted people and contacts.

Thanks for reading. Please pass this along to other people who would be interested.

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Best to you,

David Tate, Esq. (and inactive CPA)

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Remember, every case and situation is different. It is important to obtain and evaluate all of the evidence that is available, and to apply that evidence to the applicable standards and laws. You do need to consult with an attorney and other professionals about your particular situation. This post is not a solicitation for legal or other services inside of or outside of California, and, of course, this post only is a summary of information that changes from time to time, and does not apply to any particular situation or to your specific situation. So . . . you cannot rely on this post for your situation or as legal or other professional advice or representation.

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Trust, estate, conservatorship, elder and elder abuse, etc. litigation and contentious administrations

David Tate, Esq. (and inactive California CPA) – practicing only as an attorney in California.