According to Forbes, people over 65 years of age make up just 13 percent of the U.S. Population, but are targets of nearly 35 percent of financial abuse and exploitation. Of those, 51 percent of abusers are strangers who try to scam the elderly by phone, email or through regular mail. The other 49 percent are family members, paid caregivers, friends and even professionals that the elderly person relies on.
At-Risk People
Though men and women are at-risk for financial elder abuse, more women fall prey to exploitation and abuse because they live longer than men. Whether male or female, “targets” include those who have assets, such as jewelry or a mortgage-free home, they live alone or with someone who is not a spouse, they may have medical issues and may have been raised when people were taught to be nice and polite.
Warning Signs of Financial Elder Abuse
Some warning signs of elder abuse may include:
- The person is not going out as often and is nervous around a new friend or caregiver.
- A new friend appears in the elderly person’s life.
- The person may not be able to afford clothing, food, outings and medical care that he or she could previously afford on the same income.
- The person complains about lost valuables, credit cards, retirement check, checkbooks and other financial or valuable items.
- You notice large transactions and increased credit card debt.
- Suspicious withdrawals or checks written to those who the person does not normally write checks for.
- A new joint bank account.
- The caregiver seems to be living off the elderly person and may have a new vehicle or other assets that he or she previously could not afford.
- The elderly person cannot give a good explanation of where the money went, or the explanations are far-fetched.
- The elderly person all of a sudden changes his or her will and/or other financial documents or transfers personal and/or real property to someone else, whether a family member, caregiver, acquaintance and does not have a good explanation as to why the property was transferred.
If you suspect financial abuse of an elderly person, discuss the issue with that person, but be sure to be nonjudgmental and understanding of the situation. If the person realizes he or she has been “duped,” he or she may be embarrassed, so they never said anything and that allows the behavior to continue. You might point out the red flags and get permission to go over the person’s financial accounts with them.
Finally, determine if you should contact the police and then contact our wills, estates and trusts attorneys in Johns Creek, Georgia to discuss the issues and whether documents should be put in place naming an agent to help manage finances or if other steps are needed to protect your loved one. Our attorneys will help you through the process of determining the appropriate steps to take.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.