The area of Financial Gerontology, financial planning for the elderly generation, is an area that encompasses many legal and ethical issues. Professional duties, legal duties, and duties to the client, may all call for different routes to be taken in certain situations that may arise. Two articles that I have read that have been written on these issues are "Legal and Ethical Issues in Financial Gerontology," by Laura Addington, Sandra Reynolds, and Ronald Duska; and "Ethical Long-Term Care Planning: Applying the Society's Code," written by Keith Moeller, and David Christopherson.
The main issue that is being brought up in both articles is how to apply an ethical code to situations that frequently arise in the area of financial planning for the elderly. These articles are intended for and audience of financial planning professionals, and the authors of both articles have succeeded in writing appropriately for this audience. Professional advice and information is expressed quite clearly, and seems useful for somebody in this career. All authors have seemed to use their own personal research and work experience as sources for the articles' information, although the professional code of ethics is cited quite frequently in both works. Stylistic differences do not predominantly exist in these articles, both being structured into sections of related topics (ie. "Legal Issues," "Confidentiality."..etc).
The most noticeable difference in the two articles is the authors' points of view. Although both articles reason towards decision making that encompasses the best wishes of the clients, Moeller and Christopherson's article sways more to the side of taking care of the best interests of the country above the individual's. Moeller and Christopherson state that "by 2012, out nation's 77 million boomers will be retiring in significant numbers, and public financing problems will intensify."(Moeller) This noting of the public situation is quite predominant throughout the article. In "Legal and Ethical Issues in Financial Gerontology," the authors look out for individual interest of the elderly client a lot more. The articles talk of "planner's potential abuse of the elder client[s],...disclosure issues,"(Addington) and mental and physical capacity of the clients.
In summation, both articles are similar in issue, style, and credentials of the authors. The important differences come with how to interpret the code of ethics in making your professional decisions, to make sure that your are fulfilling both your client's and your organization's wishes staying within the scope of legal practice.
In the end both of these articles both have ideas about policies that need to be put in place. Even know they may come from different prospectives they both have the same idea of keeping citizens safe. I hope that eventually some of the policies they have came up with are put into place. I guess we will just have to wait and see what happens.
...nd assisted living facilities risk financial losses if the financial exploitation of the elderly begins to focus on the considerable cost of providing care to the elderly.
To our governments credit the efforts of a decade ago didn’t break sprits of our lawmakers who still feel that asset shifting is a unjust practice. Four states have already implemented the new Partnership Program, which allows a consumer who buys, 100,000 in long term care to exempt that sum before claiming the rest of their assets, which would in turn allow that person to preserve money for their heirs and/or purchase the long-term care of their choice.
Kemp, B. J., & Mosqueda, L. A. (2005). Elder Financial Abuse: An Evaluation Framework and Supporting Evidence. Journal Of The American Geriatrics Society, 53(7), 1123-1127. doi:10.1111/j.l532-5415.2005.53353.x
Life seems to get busier and more hectic as each generation passes. As generations continue to age, a common dilemma arises that must be resolved: whether or not to put their aging loved ones into a nursing home. Nursing homes have become excessively more popular as the elderly continue to have longer life expectancies. Nursing homes at first were only for those who were poor and had no family to care for them, but now has become an option for families who simply cannot sacrifice the time and effort to care for their elderly loved ones. Morality and ethics is a huge factor in the difficult decision, which many moral factors are considered. In order to analyze how to effectively decide whether or not to put an elder in a nursing home, two theories
Long-term health care consists of personal medical, and social services rendered to elders with chronic indispositions. These types of services are carried out through several different means, such as nursing homes, home health care, and respite care. The focus on long-term care is to provide an environment assisting with treatments plans, personal up keep and rehabilitation. As the largest part of our growing population reaches retirement age, several new questions and issues have arose. Financially, long term health has is an ever growing concern of the elder population and those who have accepted the financial burden. A large portion of the economy struggles with the cost of the ever rising prices of health care. The economy has been hindered with financial difficulty and it has had several implications on the ways we spend our money. For some of the baby boomers, it has left them with no choice but to continue to work in order to provide. For others, it has left them no option but to live with family members or seek assistants elsewhere. Income has evolved into a stressor for elders planning retirement.
Another similarity to both code of ethics focuses on palliative care and how this is presented to the patient and their family. This care will include how pain is managed or other symptoms that will put additional stress on the patient. It is also important to consider the family to including psychological, social and spiritual support.
Retirement Retirement seems to be one of the most often overlooked areas of people’s future plan. Simply because it seems so far away, it is an area that is subject to procrastination. People are expected to live longer now than ever before, this is another reason why young adults and teenagers are not worried about saving for their retirement. The baby boom generation, the seventy seven million people born between 1943 and 1960, face an entirely different retirement plan. As they began to retire, people are starting to think that there will be no money left and this will turn into a crisis. What will happen when seventy-seven million baby boomers begin to want the money they paid in… but it is not there? Retirement provisions such as Social Security, IRA’s, and 401k’s are there to help when you are deciding how to save money. Social Security started a long time ago, in the 1930’s, when Franklin D. Roosevelt was president. He was elected president in November 1932. By March there were over thirteen million people that were unemployed, and almost every bank was closed. Franklin D. Roosevelt proposed a sweeping program to being recovery to business and to agriculture and relief to those who were in fear of losing their farms and homes to being unemployed. In 1935, recovery was slowing arriving, but more And more people were turning against Roosevelt’s New Deal program. This led Roosevelt to a new program of reform, which we know today as social security.
The ACA Code of Ethics and the AACC Code of Ethics are both written for those involved in the field of counseling and helping others and are written with a central focus on the well being and protection of clients. The major difference leading to most other distinctions in these two codes is centered on the guiding principals and goals of each organization. The ACA code is written from a secular perspective with emphasis on human development and embracing diverse cultures, ideas, beliefs, and lifestyles while the AACC (2004) code is written from a biblical perspective with its primary goals being “to bring honor to Jesus Christ and his church, promote excellence in Christian Counseling, and bring unity to Christian counselors” (pg. 3). The AACC code is written with respect to much more specific beliefs and thus, in many areas, provides more specific ...
Taking care of the individuals that are getting older takes many different needs. Most of these needs cannot be given from the help of a family. This causes the need of having to put your love one into a home and causing for the worry of how they will be treated. It is important for the family and also the soon to be client to feel at home in their new environment. This has been an issue with the care being provided for each individual, which has lead to the need of making sure individuals have their own health care plan.
Retirement is one of the most important crossroads we face in life. It involves a fundamental change in lifestyle, one that calls for a totally new outlook on how we approach each day. All our lives we have been conditioned to think in terms of saving for our retirement years. Society has created this mystique about this time in our lives when we magically transform into different people with different lives when really we are the same people with different day to day lives. According to Medina, (2012) planning for retirement isn’t a "walk in the park" because for many people, debts are high while income is low.
America is a country where everyone is free to live however they like, but it is possible for some people to live a happy life, if no one is around to take care of them. Nearly three hundred million people reside in the America, and out of those three hundred million populations, senior citizens make a 12 percent of the entire population. A senior citizen is commonly known as a person who is over the age of 65 and living on retirement, or known as social security benefits (Census Bureau). Ever since Franklin D. Roosevelt implied the act of Social Security in 1935, seniors are regularly provided a financial help, but seniors, along with financial help, seeks also accompany of someone who can look after them. Because of constantly growing needs of senior citizens, government as well as many non-profit organizations is working on helping seniors. Therefore I decided to research on this particular issue in my community, and I found that 64.5% of seniors are living alone in metropolitan area of Atlanta.
Envision sitting in a rocking chair and having an” idle” lifestyle or idle time. When one reaches the age of 55, it is time to consider retirement planning. Determining a future lifestyle change means making plans or preparation for this life adjustment. A little retirement planning now can make a huge difference later and should not be put off. Retirement is a strategy for the future and a vision of the future. Retirement begins with reviewing the financial assets and understands what withdrawing from work means and the impact to family and friends. The State of North Carolina’s State employees retirement plan has lost it punch and many people will not be able to endure if retirement is selected. Trying to develop a solid financial
These professionals need to know how unethical and ethical policy-making decisions differ in how it affects those ...
The liberals unlike conservatives think that the government should assist the elderly because many older people never had the opportunities to earn the money needed to carry them through old age. They also state that many families now need both spouses’ earnings to achieve their own needs. And lastly the radical-left view states that due to the capitalist U.S economy the elderly are viewed as a costly burden to society (Macionis). To help explain this social problem even more we can use the social-conflict theory: aging and economic inequality. This theory focuses on age stratification and points to ways that the U.S. society limits the opportunities and resources available to elders. Even though there are laws that ban age discrimination in the workplace company still prefer to hire younger workers as well as wanting older people to retire so they can be replaced with the younger crowd. In conclusion, company while in pursuit of profit treat older people as second-class citizens (Macionis). Given these points, there are many solutions offered up. With the conservative view point they believe that a culture of self-reliance will motivate people to provide for their own old