Meier Law Firm, PLLC
Call Today For An Appointment!
518-313-0249

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.

No Comments

Leave a comment
Comment Information
Contact the Firm

Providing Practical and Honest Legal Services For Your Family

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

At the Meier Law Firm, PLLC. it's not just business, it is personal.

Office Location:

Office Location:

Attorney Advertising

10 Utica Ave
Latham, NY 12110

Phone: 518-313-0249
Fax: 518-313-7815
Latham Law Office Map

158 LaFayette St
Schenectady, NY 12305

Phone: 518-313-0249
Map & Directions