Identifying Financial Elder Abuse

It’s often been said that elder abuse is a pervasive problem without any boundaries; it transcends all economic and social lines. The recent case of Brooke Astor, the New York socialite and philanthropist, illustrates that elder abuse can occur even to the wealthiest members of society. Elder abuse can take many forms; there is physical abuse, neglect, and financial abuse. In the Astor case, there are allegations of both neglect and financial abuse by her only son, Anthony Marshall. Astor was reportedly living in squalor while her son allegedly sold her assets without her knowledge or consent.

Unfortunately, it is often those closest to an elderly person who engage in the abuse, especially where financial abuse is concerned. It is not uncommon for a caregiver or relative to take advantage of an elderly person’s lack of capacity. Seniors are often easy victims of scams, fraud, identity theft and other forms of financial abuse.

Tips On How to Protect Yourself from Financial Abuse

• Cancel credit cards you are not using
• Don’t allow friends or family members to use your credit cards or ATM card to purchase things for you. Whenever possible, give them cash or reimburse them with a check.
• Don’t keep your ATM pin number in your wallet. If you must write it down, keep it in a secure place.
• Balance your checkbook every month, and report any suspicious activity to Adult Protective Services at 1(877) 4-R-SENIORS or to your local police department.

When to Suspect Financial Abuse

• When you notice unusual activity on a bank account, including unexplained withdrawals
• When you see recent changes to estate planning documents, including changes to a Will or Trust, or creation of new Powers of Attorney
• When bills begin to pile up when the elderly person should have the ability to pay them
• When the elder lacks basic necessities, such as clothing and grooming items, when the elder should have the ability to pay for these items
• When a friend, family member or caretaker asks for a loan, but doesn’t sign a promissory note or other documentation evidencing the loan, or asks for the loan to be kept “secret” or “confidential”.

Financial abuse of an elder is often tied to neglect and/or physical abuse. The elder is often subjected to physical abuse or threats in order to intimidate the elder into complying with the abuser’s demands for money or assets. Once the elder becomes the victim of financial abuse, the elder’s needs are often neglected as the elder’s income and assets are diverted to the abuser. If you suspect that someone you love is the victim of elder abuse, contact me for immediate assistance.