Costing us. There are 14,000 new reports each year of senior abuse which includes financial exploitation. In as many as 90 of financial cases, the senior is victimized by someone he or she knows well w. Unfortunately the real case is even worse. Many of the cases are never reported because they are not going to report financial exploitation, particularly when it involves a Family Member. As a consequence the true incidence of this abuse is not known. Identifying victims is particularly difficult because we maners take a look. In addition since victims who have had their assets stolen by Family Members to be criminally prosecuted, the stolen money is rarely recovered. This loss can undermine the health and Financial Security of older people. Combating Financial Abuse of seniors is primarily the responsibility of state and local agencies, particularly Adult Protective Services agencies. Prevention and response to cases of abuse require coordinated efforts, including state and local agenc
With the clients financial records which aps must have to substantiate substantiate. Are permed under statutory acceptance to prevent fraud and authorized investigation. A revised federal guidance clarifying the client records may be shared with aps in a timely manner would mean Financial Abuse could be stopped much earlier. I believe financial snugs would welcome this clarification. Secondly, Financial Institutions should be granted authority to temporarily freeze accounts when theres evidence the owner is being defrauded, for example, sending money to a jamaican lottery scam in time to contact affirm ps or take other measures. I hope this committee and congress will look at their own decades of research into elder abuse, some of which are on evidence here. This is a partial stack of all the many reports from the many, many hearings that go back almost five decades now, will would at own research in elder abuse to stop and prevent incidents can be reduced as they have for other victim
Peoples opinion. They have their own experiences with this economy good or bad, and i suggest you stop digging once youre in a hole of that size. My question of you is how much business taxes are included in this budget. So what our budget does on taxes we propose a fully paid for set of middle class tax cuts that is paid for in the way that i discussed before. With business tax increases . Actually i want doesnt include any business tax increases. What are the taxes . I notice youre planning a massive increase for Capital Gains tax, nearly doubling the Capital Gains tax rate from the beginning of thiS Administration. All were doing is proposing to take it back to what it was under reagan. Are you proposing to take the income tax rate back down to where it was under reagan . We are propose inging a comprehensive, revenueneutral business tax reform. Were proposing to fully offset the tax cuts for 44 million middle class families average 600 drars ewith the Capital Gains tax. Heres the p
Financial advisor. Financial exploitation of Older Americans is a growing epidemic that cost seniors an estimated twopoint 9 billion in 2010 according to the gao. In maine a long there are 14,000 new reports each year of senior abuse which includes financial exploitation and in as many as 90 of financial cases the seniors victimized by someone he or she knows well. Many of these cases the victim is too ashamed to report financial exploitation particularly when it involves a Family Member. As a consequence the true incidence of this kind of abuse is not known. Identifying victims of financial exploitation in my state is particularly difficult because we take a lot of pride in our selfsufficiency. Its difficult for many seniors to ask for help. In addition since victims who have had their assets stolen by Family Members typically do not want their relatives to be criminally prosecuted, the stolen money is rarely recovered. Combating Financial Abuse of seniors is primarily the responsibil
Welcome this clarification. Secondly Financial Institutions should be granted the authority to temporarily freeze accounts when theres evidence the owners being deprived of. For examples example sending money to a jamaica lottery scam to provide time to contact aps or take other measures. Some of which are on evidence here. This is a partial stack of all the many reports for the many hearings that go back almost five decades. This not only will protect assets over the longterm but to reduce demands on Medicare Medicaid and publicly funded programs. We hope this will be the first of a series of hearings and actions to address elder abuse and financial exportation we stand ready to work with you to strengthen our ability to protect our parents and grandparents. Thank you for your your testimony had no senator collins has introduced you but we would love to hear your opening comments. Thank you mr. Chairman. Im a prosecutor with the King County Prosecutors Office in seattle washington. 14