Saturday, July 23, 2011

The Lion's Share of Investor Education Resources: Texas State Securities Board Launches New Website



The Texas State Securities Board has launched a newly-updated and revised Investor Education Website, www.TexasInvestorEd.org. The new site is easier to navigate with up-to-date investor information and resources, financial calculators, and more. Using the website, individuals may get a background check on an investment professional, learn about unsuitable investments or life settlement contracts, file a complaint, and read the latest news and bulletins. Be sure to check out the "Resources" page for free educational books and brochures available for download.

The State Securities Board regulates the securities industry in Texas. The Agency registers securities offered or sold in Texas, oversees the firms and individuals selling securities or providing investment advice to Texas, and enforces the Securities Act through criminal, civil, and administrative actions. Through the Investor Education initiative, the agency helps Texans become informed investors. For more information on the agency, see the official website at: http://www.ssb.state.tx.us/.

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Monday, June 13, 2011

Mickey Rooney Testifies Before Congress on Elder Abuse

Watch Mickey Rooney's testimony before Congress:

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Sunday, June 12, 2011

Hot Off the Press: Women's Health News




"The only way to keep your health is to eat what you don't want, drink what you don't like, and do what you'd druther not." Mark Twain


The Kaiser Family Foundation has released The Women's Health Care Chartbook: Key Findings from the Kaiser Women's Health Survey. Compared to Mark Twain, the Kaiser Family Foundation's recent report has a more comprehensive approach to health care resources, treatments, and costs. Specifically, the book provides information on women's health issues, wellness, insurance coverage, medical care costs, access to medical treatment, and family health care/services.


For more information, read the entire Chartbook at: http://www.kff.org/womenshealth/upload/8164.pdf



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Law Enforcement Resources to Investigate Financial Exploitation




Worried about a Senior Citizen who might be the victim of a financial predator? More information may be found at the state and federal resources listed below.



Adult Protective Services, Texas


1-800-252-5400





Texas State Securities Board


1-512-305-8300 (Austin telephone number; however, there are offices in major cities, so check with directory assistance)





Texas State Attorney General's Office


1-800-621-0508





Internet Crime Complaint Center





Federal Bureau of Investigation


There are field offices in major cities: check with directory assistance





Federal Trade Commission, Bureau of Consumer Protection




There are field offices in major cities: check with directory assistance




To file a complaint against an entity in another country go to http://www.econsumer.gov/



U. S. Secret Service




There are field offices in major cities: check with directory assistance



For Texas, offices include:



AUSTIN 512-916-5103
DALLAS 972-868-3200
EL PASO 915-532-2144
HOUSTON 713-868-2299
LUBBOCK 806-472-7347
MCALLEN 956-994-0151
SAN ANTONIO 210-308-6220
TYLER 903-534-2933
WACO 254-741-0576


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MetLife Releases Study of Financial Exploitation of the Elderly

June 15th is World Elder Abuse Awareness Day. Recently, MetLife Completed its Study of Financial Exploitation of the Elderly, which Revealed Grim Statistics



The recent MetLife study of financial exploitation of senior citizens confirms a disturbing trend: senior citizens are losing billions of dollars each year due to the predations of family, friends, neighbors, and businesses. MetLife’s research concludes that seniors are being bilked annually of more than $2.9 billion dollars, a 12 percent increase from the $2.6 billion estimated in 2008. Medicare and Medicaid fraud resulted in the highest average loss to victims ($38,263,136) followed by fraud by business and industry ($6,219,496), family, friends, and neighbors ($145,768), and fraud by strangers ($95,156).

The MetLife Executive Summary of the recent study reviewed newspaper articles and concluded that:

"Instances of fraud perpetrated by strangers comprised 51% of the articles. Reports of elder financial abuse by family, friends, and neighors came in second, with 34% of the news articles followed by reports of exploitation within the business sector (12%) and Medicare and Medicaid fraud (4%)...Women were nearly twice as likely to be victims of elder financial abuse as men. Most victims were between the ages of 80 and 89, lived alone, and required some level of help with either health care or home maintenance. In almost all of the cases, there existed a combination of tenuous, valued independence and observable vulnerability that merged in the lives of victims to optimize opportunities for abuse by every type of perpetrator — from the closest family members to professional criminals.

Nearly 60% of perpetrators were males. Most male perpetrators were between the ages of 30 and 59, while most of the female perpetrators were between the ages of 30 and 49. Perpetrators who were strangers often targeted victims with visible vulnerabilities (e.g., limited mobility, displays of confusion, or living alone).

The number of news articles increased and the character of elder financial abuse changed during the holidays. From November 2010 through January 2011, of the 1,128 articles on elder abuse identified through the newsfeeds, 354 (31%) concerned elder financial abuse. At least one-quarter (27%) of the cases reported were random, predominantly single-event crimes accounting for relatively small monetary rewards and characterized by a high level of brutality and disregard for human life. Reports of elder financial abuse perpetrated by strangers and by friends and families were very similar (47% vs. 45%, respectively).

Dollar losses over the holidays due to family, friend, and neighbor perpetrators were overall higher than any other category, likely owing to sheer numbers of instances, although the average number of dollars lost per individual instance was highest from business perpetrators. It is remarkable that the number of stranger cases comprise nearly 50% of all the holiday cases, comparable to the 51% April to June incidence rate.

In almost all instances reported in the newsfeeds, the goals of financial abuse perpetrators were achieved through deceit, threats, and emotional manipulation of the elder. In addition, physical and sexual violence frequently occurred within the vortex of elemental greed and disregard for the victim that surrounded financial abuse.

New research indicates that the instances of elder financial abuse are far higher than previously reported. In particular, a national study of 5,776 older adults found that the one-year prevalence for financial abuse by a family member was 5%. Further, a recent prevalence study covering the state of New York revealed that the highest rate of any type of elder mistreatment was financial abuse, with a rate of 41 per 1,000 (4%).

Elder financial abuse appears to fall into three types of crimes: occasion, desperation, and predation. Crimes of occasion or opportunity are incidents of financial abuse or exploitation that occur because the victim is merely in the way of what the perpetrator wants. Crimes of desperation are typically those in which family members or friends become so desperate for money that they will do whatever it takes to get it. Many of these family members are dependent on the elder relative for housing and money.

Finally, crimes of predation or occupation occur when trust is engendered for the specific intention of financial abuse later. A relationship is built, either through a bond of trust created though developing a relationship (romantic or otherwise) or as a trusted professional advisor, and then used to financially exploit the victim.

Passage of the Elder Justice Act in 2010 has the potential to bring to bear more attention to this crime and resources to better understand, educate about, and prevent elder financial abuse among the expanding older population. In addition, a new Office of Financial Protection for Older Americans was established in 2010 as part of the new Financial Regulatory Reform Bill. Congressional activity on the Elder Abuse Victims Act (S.462) and the expected introduction of the Senior Financial Empowerment Act indicate that Congressional attention will continue to be focused on the issue of elder financial abuse.

Elder financial abuse continues to decimate incomes both great and small, engenders health care inequities, fractures families, reduces available health care options, and increases rates of mental health issues among elders. Elder financial abuse invariably results in losses of human rights and dignity. Despite growing public awareness from a parade of high-profile financial abuse victims, it remains underreported, under-recognized, and under-prosecuted."

Read the entire MetLife study at: http://www.metlife.com/assets/cao/mmi/publications/studies/2011/mmi-elder-financial-abuse.pdf

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Saturday, May 14, 2011

Record Keeping for Seniors



To shred, or not to shred: that is the question.

While USA Today’s recent “Managing Your Money” column advised that people shred documents, many Elder Law attorneys disagree. USA Today’s writer Sandra Block encouraged seniors to shred documents—in order to protect themselves from identity theft—but Medicaid can require five years of canceled checks and other financial records. In fact, failing to have required documentation could delay Medicaid nursing home eligibility. Medicaid can require five years of canceled checks and other financial documents to support an application for nursing home coverage. A more measured approach to shredding, which safeguards important financial data, can help ease the application process.

Myth: Canceled checks can be shredded after reconciling them with bank statements.

Reality: While that approach may work for IRS purposes, Medicaid may require that canceled checks be produced.

Why? Federal Medicaid law provides that gifts made within the lookback period are penalized. States set forth procedures to ferret out whether unlawful gifts were made. Some Medicaid agencies may require check copies, documenting all expenditures made within the five-year window.

With bank mergers, obtaining canceled checks can be a problem. Saving documents—not shredding them—is a more prudent practice, eliminating the uncertainty and difficulty in obtaining canceled checks and preventing unnecessary stress and expense.

The IRS is not the only government agency that requires documents. A senior who may need nursing home admission should keep financial records for the preceding five years. Other needed records vary according to state law, and the counsel of an elder law attorney could prevent problems later.

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Monday, September 6, 2010

Robin Jerstad: Solopreneur



Meet Robin Jerstad, not my client, but a compadre, a fellow traveler on the same road. Meet Robin Jerstad…‘Solopreneur,’ as the contemporary vernacular would have it.

For more than 20 years, Robin worked as a staff photographer for the Indianapolis Business Journal. In January, the victim of the economy, the newspaper reduced its staff and let Robin go. Like Tom Sawyer, Robin ‘lit out for the West,’ moving to San Antonio to be with his girlfriend. In one day, Robin went from being a ‘Company Man’ with 30 years of experience in photojournalism to becoming a sole proprietor. After making the 18 hour drive cross-country, leaving behind remnants of January snow and 20 years of professional clients, Robin started over.

Indianapolis’s loss has been San Antonio’s gain. Recently, Robin generously shared some of his photographs and the story of establishing his new business:



“I have had to learn how to become a business person,” he said. “The first revelation was that there are a lot of things that I didn’t know. Nothing is ever as easy as it should be or as easy as you think it will be.”

“I didn’t know anything about marketing, and that challenge was made even greater by moving here,” he said. “Don’t take that the wrong way. Moving here was a great thing.”



The greatest challenge has been learning to market a new venture.



“I am not the wedding photographer. I knew where my talent level was, but I didn’t know what to do with it. I just knew I needed to start over. I started this blind for all intents and purposes. It is a whole different thing, promoting yourself.”

His girlfriend helped him get started, introducing him to her family and friends. A San Antonio Express News reporter had worked with him in Indianapolis, years ago. That contact led to work and contacts at Scene in S.A., and more work followed, exponentially.



In the past, Robin has shot lots of celebs: Obama, Palin, the Clintons, Paul Newman, Ted Danzen, Stevie Wonder, the list goes on and on. Lately, Robin has photographed the new Bishop of the Archdiocese in San Antonio, Ambassador Sichan Siv wearing a cowboy hat, Morgan’s Wonderland, and practically every restaurant and chef in town (for the SA Express News's Reader’s Choice Awards).



While much of Robin’s work is commissioned, there have been a few unexpected surprises. On the way to the accountant’s office, he happened upon an armed hostage situation in progress. Of course, he had his camera at the ready, and shortly thereafter he had a photo of the police apprehending the gunman.



“It was a nice buzz to go do some spot news,” he said, laughing. “The kid with the gun. Yeah, it was great. I love pressure like that. Bring it on. I used to photograph race cars at 200 miles per hour. You can’t ask them to do it again. You’ve got to get it right.”

The second challenge has been learning how to be the proverbial C.E.O. and chief bottle washer. Tending to software problems, computer glitches, and the trivialities of running the back-office has been an eye-opener.



“’Who do I call about this? I can’t call the I.T. Department. I am not Mr. Fix-It. I just want things to work. I’m learning how to attack and make the most of all the unforeseen challenges: marketing, I.T., making sure that I remember to buy batteries, figuring out how to make a watermark.

“I think, ‘Oh hell, there’s got to be a better way to do this.’ I’m learning to be humble and not be afraid to ask.”

The third challenge for Robin is growing the business, increasing the number of leads, and generating more work.



Currently, he’s working for the San Antonio Express News, NSIDE magazine, Scene in SA. Plus, there are the commissioned portraits, the marketing photos for local celebs and nonprofits, and the occasional foray into Formula 1 Race Cars.



“Everybody knows the newspaper world is dying. I have to be aware. I’ve got to look for additional markets to contribute my particular skill set to,” he said.

“I’d like to increase the amount of publications that I do. From a revenue standpoint, I’ve got to grow the frequency with publications or expand the number of publications.”

In the meantime, Robin is hanging out at all the local haunts and watering holes, snapping shots, and checking out all things ‘Texas.’



“I’m a boy from the Midwest, and pardon the satire, ‘Y’all do things differently down here,’ he said. “I’m learning about Texas. What it is. What it means to people.”

For more photographs, see www.flickr.com/photos/robinjerstad or Jerstad Photographics at www.JerstadPhoto.com. For more information find Robin Jerstad on Facebook and LinkedIn. Call 210-254-6552 or email Robin@JerstadPhoto.com.

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About Lisa C Smith

Attorney Lisa C. Smith believes that many legal problems can be resolved by working out agreements, legal documents, and creative solutions for businesses and families. Her goal is to provide quality legal representation with personal service and respect.

Read more at Lisa C. Smith's website.

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Call for a consultation today at 210.863.7472

Lisa will meet with you in her downtown San Antonio office near the courthouse. For clients with pressing schedules, appointments may be conducted over the phone or after-hours.

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