Older people, especially those with cognitive decline, are vulnerable to financial exploitation. The move from pensions to defined contribution funds adds to the risk as retirees handle their own retirement savings.
The legislature recently approved a measure that adds “undue influence” as a factor in defining financial abuse of an older or incapacitated person.
The term protects those whose loved ones might use their closeness to a vulnerable person to steal financial assets.
The law came about after recommendations from AARP West Virginia and other partners on the West Virginia Financial Exploitation Task Force.
The law also creates a path for victims to get a protective order to keep perpetrators away from them and their assets.
Find out more at aarp.org/wv.