According to a recent article by Wells Fargo Advisors, “Older Americans are losing about $2.9 billion every year to people who take advantage of their vulnerabilities – and that’s only for the cases that are actually reported…it’s occurring more frequently every year.” Additionally, it is reported that 34% of the perpetrators are family, friends, and neighbors of the elderly person.
That’s a scary statistic, and it’s our responsibility to try to protect our elderly parents and grandparents from becoming victims of financial elder abuse. The abuse often times starts out small, infrequent, and can happen over a long period of time. The culprit is attempting to go under the radar. Other times, the abuse is out of the blue, quick, wiping the victim’s account clean. Both methods are devastating.
Does that mean we should suspect all friends and family? Not necessarily, but there are some warning signs to be on the look out for:
• Your loved one’s caregiver or friend is taking a special interest in their financial paperwork, including accessing bank statements, insurance policies, and passwords.
• Increased account activity like large or unusual cash withdrawals, transfers, or loans.
• Changes in trusts, wills, or fiduciary accounts, including transferring title or assets to another person.
• Your loved one’s sudden increase, or decrease, in desire to spend time with family and friends.
• A reluctance to talk about finances at all or a fear regarding his/her finances.
• The elderly person starts having valuable personal items come up “missing”.
• Negative changes in your loved one’s behavior, mood, appearance, or mental and/or physical ability.
Many people are able to manage their finances themselves without outside help from a fiduciary or another person acting on their behalf. Sometimes appointing a fiduciary is necessary when a person becomes unable to financially take care of him/herself. The fiduciary can be anyone from a trusted family member or friend to a neutral, knowledgeable party like an attorney or other expert.
If you suspect that a friend, family member, or loved one has been the victim of elder abuse, contact an experienced California elder abuse lawyer to help evaluate your case and advise you how to proceed. Award winning, and peer recognized elder abuse attorney Christopher Walton has years of experience providing caring, compassionate representation to victims of elder abuse and their families. Call (866) 338-7079 for a confidential consultation.