Lawyersandsettlements.com; September 23, 2013
Fort Myers, FL: An elderly woman who earned just $1,800 in monthly income between her Social Security check and her pension was somehow persuaded to take out a life insurance policy worth $7.5 million. According to her son’s financial elder abuse attorney, the woman was saddled with a trust and allegedly persuaded to take out a loan valued at $1.1 million in order to satisfy premiums of $742,000. The woman’s son, who carries on with a Financial Elder Abuse lawsuit on behalf of his now-deceased mother, notes that such alleged deception of vulnerable individuals should serve as a rallying cry for advocates concerned about financial exploitation of seniors.
“I was beside myself,” said her 55-year-old son Michael Sterling, in comments published in The News-Press of Fort Myers (9/8/13). “After I read through that policy, it was like, here’s the one guy that she and her late husband had entrusted...and then [her financial adviser] could do this to them?”
The alleged elder abuse financial issue has its roots in 2006, when Gloria J. Emmert was 79 years of age and living modestly in a manufactured home located in North Fort Myers, Florida. The widow suffered from dementia and Alzheimer’s disease.
Elder financial abuse is not just a problem in Florida, which is a haven for snowbirds and retirees. It happens right across the country, prompting inclusion, in 2010, of the Elder Care Justice Act as part of the Patient Protection and Affordable Care Act.
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