logo
#

Latest news with #SocietyofTrustandEstatePractitioners

‘An underlying epidemic': Elder financial abuse on the rise as population ages
‘An underlying epidemic': Elder financial abuse on the rise as population ages

Hamilton Spectator

time12-06-2025

  • Business
  • Hamilton Spectator

‘An underlying epidemic': Elder financial abuse on the rise as population ages

As Canada's population ages, it's been estimated that over $1.1 trillion in assets is on the move from baby boomers to gen X and millennials as part of 'the great wealth transfer.' Despite many elderly Canadians having carefully arranged inheritance plans in place, seniors' advocates and financial crime experts are warning they have become increasingly vulnerable to attempts to exploit their money. Ahead of World Elder Abuse Awareness Day on Sunday, they said it's important for Canadians, including both seniors and their loved ones, to educate themselves about these growing risks. Financial abuse is the most common form of elder abuse in Canada, said Holly Cunliffe, a partner at Aird & Berlis specializing in elder law. 'We have a lot of older adults in our population and so we are definitely seeing an increase in instances of financial abuse affecting our older populations,' said Cunliffe, a member of the Society of Trust and Estate Practitioners, a professional body comprised of lawyers, accountants and financial advisers. She and other experts said seniors generally experience financial abuse in two ways. While financial scams are on the rise, including digital fraud attempts specifically targeting older victims, there is also a growing risk of abuse at the hands of a person the senior already knows. Cunliffe calls the latter form 'an underlying epidemic' that too often flies below the radar. It typically involves someone with power of attorney — a legal document that gives them authority to act on a vulnerable person's behalf — exploiting the designation to their own benefit. 'Unfortunately, that means friends and family can actually be the perpetrators,' she said. 'If those documents are not prepared early enough in time before there's any potential for diminished capacity or influence, then it is possible that family members ... can seek to have those documents prepared for their own personal gain.' Even if a trusted loved one has every intent to act appropriately, a lack of understanding of the scope of their role and its limits can inadvertently lead to financial abuse, said Cunliffe. Bénédicte Schoepflin, executive director of the Canadian Network for the Prevention of Elder Abuse, said elder financial abuse usually relies on a trusting relationship. Around 81 per cent of reported cases are carried out by a spouse, family member, friend or acquaintance. Financial mistreatment 'doesn't always happen in a confrontational or violent way,' said Schoepflin, adding: 'Sometimes it is really more about the trickery of it all.' 'It can be really difficult to recognize that what is happening is not OK,' she said. 'It can start in a manner that feels like it's not a big amount or not a big deal, (like), 'Well, I voluntarily shared my PIN number with my grandson because he was helping me to go get groceries' and then ... there's a gradual slide into bigger, more serious forms of abuse.' Schoepflin said vulnerability also has an intersectional element. The risk of being victimized is higher for woman, seniors who have experienced mistreatment earlier in life, those who identify as a person of colour, along with those living with someone financially dependent on them. 'People choose to stay silent because they do not want to create issues within their own closed circles,' she said. 'The person who is experiencing abuse might not want to be in that situation, but still might also not want to create trouble for the person who is harming them or taking advantage of them, or might not want to upset a family balance.' Cunliffe said the risk of being exploited is even greater for Canadians with cognitive decline, including those living with diseases such as dementia or Alzheimer's. 'The older the person is, the greater the risk of cognitive decline, and with that decline comes the risk of an increased vulnerability to financial abuse,' she said. The other category of financial abuse — incidents in which the perpetrator, such as a scammer, is not known to the victim — is also a growing threat, said Larry Zelvin, head of BMO's financial crimes unit. He said technologies such as AI are making scams more sophisticated and harder for older adults to detect. Nowadays, AI-powered tools can be used to generate realistic phishing emails, while deepfake technology can even enable scammers to impersonate family members or trusted advisers. 'Some of them might be less digitally competent ... which also makes them more vulnerable,' said Zelvin. He added seniors are targeted especially because they have often already accumulated wealth. 'As you get older, unfortunately, you become more isolated,' he said. 'Older folks, especially those who are missing those social interactions, are maybe more trusting in nature than they would have been otherwise.' He said his advice is that if an out-of-the-blue offer 'sounds too good to be true, it probably is.' Zelvin also encouraged seniors to come forward if they suspect they've been a victim of financial exploitation, noting cases are vastly under-reported to authorities such as the Canadian Anti-Fraud Centre, RCMP or local law enforcement. While it might seem embarrassing to admit, he said those targeted should feel no different than if they were reporting any other crime, like if their car had been stolen. 'You've been a victim. You are not culpable,' he said. 'You're not just reporting it. You may be preventing other people from having to go through what you went through.' This report by The Canadian Press was first published June 12, 2025.

‘An underlying epidemic': Elder financial abuse on the rise as population ages
‘An underlying epidemic': Elder financial abuse on the rise as population ages

Winnipeg Free Press

time12-06-2025

  • Business
  • Winnipeg Free Press

‘An underlying epidemic': Elder financial abuse on the rise as population ages

As Canada's population ages, it's been estimated that over $1.1 trillion in assets is on the move from baby boomers to gen X and millennials as part of 'the great wealth transfer.' Despite many elderly Canadians having carefully arranged inheritance plans in place, seniors' advocates and financial crime experts are warning they have become increasingly vulnerable to attempts to exploit their money. Ahead of World Elder Abuse Awareness Day on Sunday, they said it's important for Canadians, including both seniors and their loved ones, to educate themselves about these growing risks. Financial abuse is the most common form of elder abuse in Canada, said Holly Cunliffe, a partner at Aird & Berlis specializing in elder law. 'We have a lot of older adults in our population and so we are definitely seeing an increase in instances of financial abuse affecting our older populations,' said Cunliffe, a member of the Society of Trust and Estate Practitioners, a professional body comprised of lawyers, accountants and financial advisers. She and other experts said seniors generally experience financial abuse in two ways. While financial scams are on the rise, including digital fraud attempts specifically targeting older victims, there is also a growing risk of abuse at the hands of a person the senior already knows. Cunliffe calls the latter form 'an underlying epidemic' that too often flies below the radar. It typically involves someone with power of attorney — a legal document that gives them authority to act on a vulnerable person's behalf — exploiting the designation to their own benefit. 'Unfortunately, that means friends and family can actually be the perpetrators,' she said. 'If those documents are not prepared early enough in time before there's any potential for diminished capacity or influence, then it is possible that family members … can seek to have those documents prepared for their own personal gain.' Even if a trusted loved one has every intent to act appropriately, a lack of understanding of the scope of their role and its limits can inadvertently lead to financial abuse, said Cunliffe. Bénédicte Schoepflin, executive director of the Canadian Network for the Prevention of Elder Abuse, said elder financial abuse usually relies on a trusting relationship. Around 81 per cent of reported cases are carried out by a spouse, family member, friend or acquaintance. Financial mistreatment 'doesn't always happen in a confrontational or violent way,' said Schoepflin, adding: 'Sometimes it is really more about the trickery of it all.' 'It can be really difficult to recognize that what is happening is not OK,' she said. 'It can start in a manner that feels like it's not a big amount or not a big deal, (like), 'Well, I voluntarily shared my PIN number with my grandson because he was helping me to go get groceries' and then … there's a gradual slide into bigger, more serious forms of abuse.' Schoepflin said vulnerability also has an intersectional element. The risk of being victimized is higher for woman, seniors who have experienced mistreatment earlier in life, those who identify as a person of colour, along with those living with someone financially dependent on them. 'People choose to stay silent because they do not want to create issues within their own closed circles,' she said. 'The person who is experiencing abuse might not want to be in that situation, but still might also not want to create trouble for the person who is harming them or taking advantage of them, or might not want to upset a family balance.' Cunliffe said the risk of being exploited is even greater for Canadians with cognitive decline, including those living with diseases such as dementia or Alzheimer's. 'The older the person is, the greater the risk of cognitive decline, and with that decline comes the risk of an increased vulnerability to financial abuse,' she said. The other category of financial abuse — incidents in which the perpetrator, such as a scammer, is not known to the victim — is also a growing threat, said Larry Zelvin, head of BMO's financial crimes unit. He said technologies such as AI are making scams more sophisticated and harder for older adults to detect. Nowadays, AI-powered tools can be used to generate realistic phishing emails, while deepfake technology can even enable scammers to impersonate family members or trusted advisers. 'Some of them might be less digitally competent … which also makes them more vulnerable,' said Zelvin. He added seniors are targeted especially because they have often already accumulated wealth. 'As you get older, unfortunately, you become more isolated,' he said. 'Older folks, especially those who are missing those social interactions, are maybe more trusting in nature than they would have been otherwise.' He said his advice is that if an out-of-the-blue offer 'sounds too good to be true, it probably is.' Monday Mornings The latest local business news and a lookahead to the coming week. Zelvin also encouraged seniors to come forward if they suspect they've been a victim of financial exploitation, noting cases are vastly under-reported to authorities such as the Canadian Anti-Fraud Centre, RCMP or local law enforcement. While it might seem embarrassing to admit, he said those targeted should feel no different than if they were reporting any other crime, like if their car had been stolen. 'You've been a victim. You are not culpable,' he said. 'You're not just reporting it. You may be preventing other people from having to go through what you went through.' This report by The Canadian Press was first published June 12, 2025.

‘An underlying epidemic': Elder financial abuse on the rise as population ages
‘An underlying epidemic': Elder financial abuse on the rise as population ages

CTV News

time12-06-2025

  • Business
  • CTV News

‘An underlying epidemic': Elder financial abuse on the rise as population ages

As Canada's population ages, it's been estimated that over $1.1 trillion in assets is on the move from baby boomers to gen X and millennials as part of 'the great wealth transfer.' Despite many elderly Canadians having carefully arranged inheritance plans in place, seniors' advocates and financial crime experts are warning they have become increasingly vulnerable to attempts to exploit their money. Ahead of World Elder Abuse Awareness Day on Sunday, they said it's important for Canadians, including both seniors and their loved ones, to educate themselves about these growing risks. Financial abuse is the most common form of elder abuse in Canada, said Holly Cunliffe, a partner at Aird & Berlis specializing in elder law. 'We have a lot of older adults in our population and so we are definitely seeing an increase in instances of financial abuse affecting our older populations,' said Cunliffe, a member of the Society of Trust and Estate Practitioners, a professional body comprised of lawyers, accountants and financial advisers. She and other experts said seniors generally experience financial abuse in two ways. While financial scams are on the rise, including digital fraud attempts specifically targeting older victims, there is also a growing risk of abuse at the hands of a person the senior already knows. Cunliffe calls the latter form 'an underlying epidemic' that too often flies below the radar. It typically involves someone with power of attorney — a legal document that gives them authority to act on a vulnerable person's behalf — exploiting the designation to their own benefit. 'Unfortunately, that means friends and family can actually be the perpetrators,' she said. 'If those documents are not prepared early enough in time before there's any potential for diminished capacity or influence, then it is possible that family members ... can seek to have those documents prepared for their own personal gain.' Even if a trusted loved one has every intent to act appropriately, a lack of understanding of the scope of their role and its limits can inadvertently lead to financial abuse, said Cunliffe. Bénédicte Schoepflin, executive director of the Canadian Network for the Prevention of Elder Abuse, said elder financial abuse usually relies on a trusting relationship. Around 81 per cent of reported cases are carried out by a spouse, family member, friend or acquaintance. Financial mistreatment 'doesn't always happen in a confrontational or violent way,' said Schoepflin, adding: 'Sometimes it is really more about the trickery of it all.' 'It can be really difficult to recognize that what is happening is not OK,' she said. 'It can start in a manner that feels like it's not a big amount or not a big deal, (like), 'Well, I voluntarily shared my PIN number with my grandson because he was helping me to go get groceries' and then ... there's a gradual slide into bigger, more serious forms of abuse.' Schoepflin said vulnerability also has an intersectional element. The risk of being victimized is higher for woman, seniors who have experienced mistreatment earlier in life, those who identify as a person of colour, along with those living with someone financially dependent on them. 'People choose to stay silent because they do not want to create issues within their own closed circles,' she said. 'The person who is experiencing abuse might not want to be in that situation, but still might also not want to create trouble for the person who is harming them or taking advantage of them, or might not want to upset a family balance.' Cunliffe said the risk of being exploited is even greater for Canadians with cognitive decline, including those living with diseases such as dementia or Alzheimer's. 'The older the person is, the greater the risk of cognitive decline, and with that decline comes the risk of an increased vulnerability to financial abuse,' she said. The other category of financial abuse — incidents in which the perpetrator, such as a scammer, is not known to the victim — is also a growing threat, said Larry Zelvin, head of BMO's financial crimes unit. He said technologies such as AI are making scams more sophisticated and harder for older adults to detect. Nowadays, AI-powered tools can be used to generate realistic phishing emails, while deepfake technology can even enable scammers to impersonate family members or trusted advisers. 'Some of them might be less digitally competent ... which also makes them more vulnerable,' said Zelvin. He added seniors are targeted especially because they have often already accumulated wealth. 'As you get older, unfortunately, you become more isolated,' he said. 'Older folks, especially those who are missing those social interactions, are maybe more trusting in nature than they would have been otherwise.' He said his advice is that if an out-of-the-blue offer 'sounds too good to be true, it probably is.' Zelvin also encouraged seniors to come forward if they suspect they've been a victim of financial exploitation, noting cases are vastly under-reported to authorities such as the Canadian Anti-Fraud Centre, RCMP or local law enforcement. While it might seem embarrassing to admit, he said those targeted should feel no different than if they were reporting any other crime, like if their car had been stolen. 'You've been a victim. You are not culpable,' he said. 'You're not just reporting it. You may be preventing other people from having to go through what you went through.' This report by The Canadian Press was first published June 12, 2025. Sammy Hudes, The Canadian Press

'An underlying epidemic': Elder financial abuse on the rise as population ages
'An underlying epidemic': Elder financial abuse on the rise as population ages

Yahoo

time12-06-2025

  • Business
  • Yahoo

'An underlying epidemic': Elder financial abuse on the rise as population ages

As Canada's population ages, it's been estimated that over $1.1 trillion in assets is on the move from baby boomers to gen X and millennials as part of "the great wealth transfer." Despite many elderly Canadians having carefully arranged inheritance plans in place, seniors' advocates and financial crime experts are warning they have become increasingly vulnerable to attempts to exploit their money. Ahead of World Elder Abuse Awareness Day on Sunday, they said it's important for Canadians, including both seniors and their loved ones, to educate themselves about these growing risks. Financial abuse is the most common form of elder abuse in Canada, said Holly Cunliffe, a partner at Aird & Berlis specializing in elder law. "We have a lot of older adults in our population and so we are definitely seeing an increase in instances of financial abuse affecting our older populations," said Cunliffe, a member of the Society of Trust and Estate Practitioners, a professional body comprised of lawyers, accountants and financial advisers. She and other experts said seniors generally experience financial abuse in two ways. While financial scams are on the rise, including digital fraud attempts specifically targeting older victims, there is also a growing risk of abuse at the hands of a person the senior already knows. Cunliffe calls the latter form "an underlying epidemic" that too often flies below the radar. It typically involves someone with power of attorney — a legal document that gives them authority to act on a vulnerable person's behalf — exploiting the designation to their own benefit. "Unfortunately, that means friends and family can actually be the perpetrators," she said. "If those documents are not prepared early enough in time before there's any potential for diminished capacity or influence, then it is possible that family members ... can seek to have those documents prepared for their own personal gain." Even if a trusted loved one has every intent to act appropriately, a lack of understanding of the scope of their role and its limits can inadvertently lead to financial abuse, said Cunliffe. Bénédicte Schoepflin, executive director of the Canadian Network for the Prevention of Elder Abuse, said elder financial abuse usually relies on a trusting relationship. Around 81 per cent of reported cases are carried out by a spouse, family member, friend or acquaintance. Financial mistreatment "doesn't always happen in a confrontational or violent way," said Schoepflin, adding: "Sometimes it is really more about the trickery of it all." "It can be really difficult to recognize that what is happening is not OK," she said. "It can start in a manner that feels like it's not a big amount or not a big deal, (like), 'Well, I voluntarily shared my PIN number with my grandson because he was helping me to go get groceries' and then ... there's a gradual slide into bigger, more serious forms of abuse." Schoepflin said vulnerability also has an intersectional element. The risk of being victimized is higher for woman, seniors who have experienced mistreatment earlier in life, those who identify as a person of colour, along with those living with someone financially dependent on them. "People choose to stay silent because they do not want to create issues within their own closed circles," she said. "The person who is experiencing abuse might not want to be in that situation, but still might also not want to create trouble for the person who is harming them or taking advantage of them, or might not want to upset a family balance." Cunliffe said the risk of being exploited is even greater for Canadians with cognitive decline, including those living with diseases such as dementia or Alzheimer's. "The older the person is, the greater the risk of cognitive decline, and with that decline comes the risk of an increased vulnerability to financial abuse," she said. The other category of financial abuse — incidents in which the perpetrator, such as a scammer, is not known to the victim — is also a growing threat, said Larry Zelvin, head of BMO's financial crimes unit. He said technologies such as AI are making scams more sophisticated and harder for older adults to detect. Nowadays, AI-powered tools can be used to generate realistic phishing emails, while deepfake technology can even enable scammers to impersonate family members or trusted advisers. "Some of them might be less digitally competent ... which also makes them more vulnerable," said Zelvin. He added seniors are targeted especially because they have often already accumulated wealth. "As you get older, unfortunately, you become more isolated," he said. "Older folks, especially those who are missing those social interactions, are maybe more trusting in nature than they would have been otherwise." He said his advice is that if an out-of-the-blue offer "sounds too good to be true, it probably is." Zelvin also encouraged seniors to come forward if they suspect they've been a victim of financial exploitation, noting cases are vastly under-reported to authorities such as the Canadian Anti-Fraud Centre, RCMP or local law enforcement. While it might seem embarrassing to admit, he said those targeted should feel no different than if they were reporting any other crime, like if their car had been stolen. "You've been a victim. You are not culpable," he said. "You're not just reporting it. You may be preventing other people from having to go through what you went through." This report by The Canadian Press was first published June 12, 2025. Sammy Hudes, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

How a Lasting Power of Attorney can guard against financial abuse
How a Lasting Power of Attorney can guard against financial abuse

Singapore Law Watch

time19-05-2025

  • Business
  • Singapore Law Watch

How a Lasting Power of Attorney can guard against financial abuse

How a Lasting Power of Attorney can guard against financial abuse Source: Straits Times Article Date: 18 May 2025 Author: Chor Khieng Yuit Donees can be appointed to act in the two broad areas of personal welfare and/or property and other matters. None of us wants to think we might be rendered mentally incapable one day, yet sadly the risk is there, so drawing up a Lasting Power of Attorney (LPA) is essential. This simple document can protect people from being exploited financially, and go a long way towards reducing the anguish and stress for loved ones dealing with the stricken person. An LPA allows a donor who is at least 21 years old to voluntarily appoint up to two donees to make decisions and act on his or her behalf. Donees can be appointed to act in the two broad areas of personal welfare and property and other matters. Personal welfare includes the donor's daily care and living arrangements, while property and other matters include managing the donor's bank accounts, investments and tax matters. Mr Chong Yue-En, global chair of the mental capacity special interest group at the Society of Trust and Estate Practitioners (Step), said the LPA includes penalties if a donee abuses – including financially – the person being cared for. Singapore, Britain, Australia, New Zealand and Hong Kong have LPA frameworks in place, said lawyer Lim Fung Peen. Mr Lim, who heads the private wealth and family practice group at Yuen Law, wrote a book in 2019 on the importance of having an LPA and how to set one up. The Ministry of Social and Family Development (MSF) said 233,000 Singapore citizens aged 50 and over had registered LPAs as at Sept 30, 2024, a 32 per cent jump from the 177,000 at the end of June 2023. LPAs for this age cohort are on track to exceed the 240,000 target by the end of 2025. An LPA allows for checks and balances against financial abuse, but only if it is set up early, before a crisis hits, noted Ms Chandrima Das, chief executive and co-founder of Teleskop, which provides digital vault services for information on an individual's assets like property, wine and art. Ms Das added that it is easier for an individual to think clearly about who he or she can trust and what boundaries or safeguards to set in the LPA during periods of calm. 'That is the essence of a personal readiness infrastructure – putting the right people, roles and documentation in place before there is a crisis,' she said. An LPA can be made using Form 1 or Form 2. LPA Form 1 grants donees wide-ranging powers to make decisions on the individual's behalf, while Form 2 is for those who want to appoint more than two donees, or grant specific powers to them. You will need a lawyer to draft up Form 2. Mr Alfred Chia, CEO of financial advisory firm SingCapital, said Form 1 is the cheapest and most cost-effective way to set up an LPA. The registration fees for Singapore citizens have been waived until March 31, 2026, after which, they will have to pay $70. Permanent residents already pay $90 while foreigners fork out $230. Mr Chia said people should use Form 1 if they are able to appoint donees they trust. He has appointed his wife to take care of his personal affairs and financial matters if he loses mental capacity, and his wife named him as her donee. Mr Lim, the lawyer, said an individual can appoint two donees who can alternate between the two broad areas of personal welfare and property matters. Alternatively, these two donees can play different roles – one to handle personal and medical decisions and the other financial matters. It is also possible for the two donees to make all decisions jointly, Mr Lim added, so the checks and balances are even tighter – what is called a two-key-to-one-lock scenario. Some people will want even more specific instructions to be built in to guard against financial abuse. Mr Chong said this group could consider LPA Form 2. For instance, the person can specify that any expenditure over a certain amount will require the donee to first seek a judge's approval. Form 2 registration fees are $185 for Singapore citizens, $230 for permanent residents and $275 for foreigners. Forms 1 and 2 must be witnessed and certified by an LPA certificate issuer, who can be an accredited medical practitioner, a lawyer practising Singapore law or a registered psychiatrist. Fees for certifying Form 1 range from $24 to $500 for accredited doctors, $50 to $300 for lawyers and $55 to $1,526 for psychiatrists. Mr Chia said some people may want to appoint a neutral, third-party professional donee, especially if they have no family or friends they can entrust their care needs to. And sometimes, a parent may want to appoint a professional donee so they do not have to burden their children with the task. Mr Lim said professional donees can be expensive. There is typically a one-time set-up fee plus an annual fee. Once a person becomes mentally incapacitated, the charges for professional donees are tallied at an hourly rate that is agreed upon at the point of engagement. An LPA must be registered online via the Office of the Public Guardian Online portal. It is stored electronically and donors and donees can view it with their Singpass credentials. It can be revoked as long as the individual still has the mental capacity to do so. A new LPA with the necessary updates can then be created. The LPA is usually updated as a result of events such as death, divorce or bankruptcy. Mr Lim said an LPA registered in Singapore is not valid for an individual's assets overseas. Individuals will have to draft separate LPAs – or an enduring power of attorney as it is called in Australia – for property, bank accounts or other investments in the other country. He noted that many Singaporeans have assets in Malaysia, a country that does not have an LPA framework. They will need to get a lawyer in Malaysia to draw up an irrevocable power of attorney, he said, adding that 'it is not cheap'. Similarly, the United States does not have an LPA framework so people have to spend 'a pretty penny' to get one done for assets there, Mr Lim said, adding that he has seen 'a quote of more than US$1,000 (S$1,300) to do a springing power of attorney in the US'. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store