Kristin Hetzer is the senior portfolio manager for Royal Palms Capital LLC. During her career, she was designated a Chartered Market Technician by the CMT Association. Additionally, Kristin Hetzer has a strong interest in financial elder abuse, a topic about which she has written a book, "Valle Egypt".
Financial elder abuse consists of acts such as theft of property or assets that happen because the elder person cannot defend against it or has memory losses. Undue coercion or strong negative influence is also a form of financial elder abuse if it results in the loss of property or capital for the elder and benefits the influential party. Acts of financial elder abuse can be committed by anyone, from friends and neighbors, all the way to service providers or lawyers.
When an elderly person’s mental faculties start to decline, persons close to them are often given legal power to act on their behalf. Persons that get legal power on behalf of an elder person form a fiduciary relationship with them. Breaches of the fiduciary duty happen when the guardian or the person that has legal power on behalf of the elder does not act for the benefit of the elder. Breaches of fiduciary duty can be detected and proven if an elderly person changes their spending habits and starts withdrawing frequently from their accounts, makes excessive or irregular payments or gifts, or makes changes in their estate. These are just a few of many situations that might indicate a breach of fiduciary duty may have taken place.
