(photo) Sen. Hwang: New Law Will Better Protect CT Seniors from Financial Exploitation

August 3, 2023

For Immediate Release

Sen. Hwang: New Law Will Better Protect
CT Seniors from Financial Exploitation

Sen. Tony Hwang, a leading advocate for Connecticut seniors, today applauded the signing of legislation he co-sponsored which implements procedures that protect seniors from suspected financial abuse and exploitation.

“Preventing our elderly citizens from being taken advantage of has been my priority,” Sen. Hwang said. “As lawmakers, we must be strong advocates on behalf of vulnerable Connecticut seniors and their families. Simply put: We need to be sure our seniors are protected.  This bipartisan legislation sets new standards and financial protections that protect seniors against abuses.”

The new law authorizes disclosures and temporary account holds by broker-dealers, investment advisors, banks and credit unions, and probate courts to address the financial exploitation of state residents ages 60 or older.

“As a former Vice-Chair of the legislature’s Aging Committee, I continue to advocate for senior issues,” Sen. Hwang said. “We are committed to ensuring that Connecticut’s valued seniors have all the resources and support to live their life with the dignity and respect they deserve. We also must be vigilant about scams and abusive schemes which seek to separate seniors from their savings and investments.  This new law moves us in the right direction as a state and sends a message to vulnerable elderly residents that we care and that we are trying to protect them in any way we can.”

Sen. Hwang was one of the most outspoken advocates when the budget for the Medicare Savings Program, which helps seniors pay for certain healthcare expenses, was cut in half. Sen. Hwang helped to successfully restore those funds before any damage was done.

Sen. Hwang has also introduced and passed greater protections for seniors inquiring about reverse mortgages, exempting social security income up to $100,000 for joint filers, and bringing the estate and gift tax rates to parity with federal law.

This year, Sen. Hwang voted to eliminate Connecticut’s retirement income tax cliff by adding a phase-out for allowable pension and annuity and IRA distribution deductions against the Personal Income Tax.

Attached photo:
Sen. Tony Hwang, at right, is applauding a new CT law to better protect seniors from financial exploitation and abuse.