The State of New Jersey responded to my client’s parents in a letter that the “Statement of Understanding” which they signed, and contract, indicated that they were given proper legal notice. The letter also said, “the New Jersey Department of Banking & Insurance is an administrative agency and is not empowered to overturn the terms of your contract.” It suggested legal action.
From this experience I learned that, at least in this instance, the insurance company and State of New Jersey had no interest in correcting this wrong, and only legal action, which was beyond the means of this couple, might have worked. They were financially naïve and easy prey for the agent. This process was beyond their financial means and level of energy at their advanced stage of life. And so the abuse continues.
I did all I could do, with no relief for two unsuspecting targets. — DH
Let us not forget that nonfinancial assets can be targets as well.
Our firm deals exclusively with the documentation of nonfinancial assets of every type. Imagine the disappearance of single (or a few) items from a collection (no one will notice ... ) or some small items of unusual value like jewelry. These events may ultimately destroy entire family relationships with suspicion and hatred for their dishonesty. — JM
Some scenarios ended with a decent outcome. Another “JM” was kind enough to take the time to share several stories. In this one, the result was good because she could talk with a responsible family member.
An elderly female client would sometimes call and was obviously confused. Her daughter lived with her. I noticed checks payable to the local grocery store being written against the mother’s account on a daily basis. Her daughter would go to the store daily and use a check to get cash. She also mentioned that the son would take his mother to the local bank, and she would draw out funds for him. Because he was there with her in person, the bank tellers complied. Her second adult daughter had POA (power of attorney), and I discussed these items with the daughter. I am sure that the son would have depleted the client’s assets without any regret in a very short time had he not been blocked by the court action. — JM
In this story, however, a bit of luck was needed.
I had a client who showed obvious signs of cognitive impairment. I followed up by writing a letter to her suggesting that she and her family contact an attorney to set up a trust account with a corporate trustee to manage her finances, as I felt that her situation warranted a higher standard of care and greater protection. Her family knew that she had been diagnosed with a neurologic disorder that would progress, but I was not aware of this until someone from the family contacted me regarding the letter I sent to the client. (She was living with them while waiting for an apartment to become available.) The client decided to follow my suggestion. — JM
Here, the tactic from BK was to drop a hint.