A few years ago, a major scandal hit New York’s high society. Brooke Astor, a wealthy heiress, was in cognitive decline. She had wanted to leave her vast fortune to charitable causes and her son, Anthony Marshall, was charged with scheming to take advantage for his own financial benefit. He might have been successful, if not for the efforts of his own son, Phillip Marshall, who blew the whistle and who was ultimately successful in stopping the abuse.
Financial Advisor has more on this remarkable story in “From Whistle-Blower To Elder Champion.” Phillip Marshall is not content to rest on his laurels. He continues to work to prevent the financial exploitation of the elderly. He tells his grandmother’s story to anyone who will listen, in the hopes they will be inspired to also fight elder abuse. Marshall believes more financial regulation is needed to prevent abuse and he advocates for legislatures and regulators to pass it.
Not everyone has the time or money to work as hard as Phillip Marshall does to prevent elder abuse, but everyone can do his or her part. Be on the lookout for elder abuse and if you see something suspicious, report it.
The financial exploitation of the elderly is on the rise in the U.S., despite the efforts of people like Marshall.
Reference: Forbes (Feb. 1, 2018) “From Whistle-Blower To Elder Champion.”
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