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.
The messaging in both the Canadian Health Information Management Association (CHIMA) and Canada’s Health Informatics Association (COACH) Code of Ethics are very similar. They both discuss prioritizing privacy and security, set an expectation of maintaining a professional and collegial work ethic, encourage the continuing of education and building of one's knowledge base and both refer to a focus on the awareness of future developments/advancements within the industry. My initial preference was the CHIMA Code of Ethics as I preferred the phrasing and third person approach, however, upon further review I noticed that CHIMA’s used the word ‘strive’ instead of COACH’s approach of ‘I will’. This to me seems to have less impact then the COACH counterpart.
The code is useful because it identifies ethical responsibilities and guides practitioners’ decision-making when they face ethical dilemmas. What is the difference between an ethical responsibility and an ethical dilemma? Give an example of each.
The push for Congress to pass legislation protecting the rights of employees and their retirement was inevitable. Retirement plans are extremely important for all working individuals. Having funds to keep or exceed ones current standard of living and to enjoy one’s life beyond expectations after retire...
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.
This assignment will identify and evaluate the legal and ethical issues within the health and social care for elderly people with dementia and living in residential homes. It will address the difference between the legal and ethical issues and the impact it has on the person suffering from the disease, their family and the role that the professionals have in decision making for the individual’s wellbeing.
...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.
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
providing retirement benefits to those who have reached the ages of sixty-two or age sixty-five,
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
The major difference is that while both codes of ethics place a huge emphasis on benefiting the patient, only AMA discusses the duties of physicians to benefit the society. AMA specifies that while the physician’s major responsibility is his/her patient and the treatment, he also has a great amount of responsibility towards the society and his profession. Also, AMA highlights that every physician has a duty to contribute towards the betterment of his/her community. The oath mentions the duty of physician towards his/her patient and teachers but never a society which I believe is very important especially now a days. The other major difference is that the code of ethics mentions providing care with “compassion and respect for human dignity and rights,” whereas there is no discussion about the rights of a patient or even upholding human rights (Veatch, 189). To me this is a huge issue as I believe every person should be aware of his/her own rights in every walk of life especially medicine , and no one should have any right to make a decision on behalf of anyone or in this case without patient’s consent. The oath forbids abortion, euthanasia, and doing any harm to a patient. Whereas, AMA does not mention anything that specifically forbids such actions. In the oath, a physician will leave operations/treatments to specialists to which he
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.
Additionally, like I mentioned in the beginning, in terms of beneficence, its principle stipulates that ethical theories should strive to achieve the greatest amount of good because people benefit from the most good. In respect for autonomy an ethical theory should allow people to reign over themselves and to be able to make decisions that apply to their lives. This means that people should have control over their lives as much as possible because they are the only people who completely understand their chosen type of lifestyle. The justice ethical principle states that ethical theories should prescribe actions that are fair to those involved. Due to this, code of ethics were put in place for the well being of these professionals and their clients so that in all act on each party’s behalf there will be some sort of
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.
In order to understand the ethics in tax preparation and AICPA Code(s) of Professional Conduct rules, the essay will answer 4 questions based on estate tax case study. The discussion below highlights some of the application of ethics and principles in practice.
These professionals need to know how unethical and ethical policy-making decisions differ in how it affects those ...