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Investigation launched surrounding man’s estate

| Jan 24, 2018 | Inheritance Disputes |

People in Washington who have heard about different forms of elder abuse should know that financial exploitation is one type of such abuse that many people fall prey to. Those people who may be most at risk of financial abuse tend to have few if any close relatives or friends. This makes it easier for another person to gain their trust in the guise of friendship that may really only be a means to obtaining their assets.

An example of this can be seen in the case of a man from Wisconsin who died at the age of 92 nearly two years ago. The man’s only living relatives were neices and nephews and their families but he is said to have had limited contact with them. Ten years prior to his death, he connected with an investment professional whom he had met at a bank a few years before and had since started her own business.

Over the course of time, the woman sold him annuities and then made herself the sole beneficiary of them. She was also the sole beneficiary of his entire estate and had powers of attorney allowing her to manage the man’s business and health care affairs. The state is now investigating the woman’s actions for conflict of interest and has permanently revoked her insurance license. The man’s family members believe it is they, not the financial advisor, who should receive his approximately $1.6 million estate.

People who are concerned that their elderly relative has been coerced should contact an attorney in Washington State to learn how to protect their loved one and their assets.

Source: JSOnline.com, “Who gets $1.6 million inheritance – relatives of virtual hermit or his financial advisor,” Cary Spivak and Mary Spicuzza, December 29, 2017