We often think of elder abuse as physical abuse. Sometimes we only suspect abuse when we see physical signs. However, financial abuse of seniors is a growing problem in America. Everyone is at risk.
This AARP article provides ways to help avoid it.
Buzz Aldrin, a NASA hero, has been financially exploited. His own children tried to seize control of his estate after claiming he suffered from dementia. Yet financial elder abuse definitely does not only happen to the wealthy population.
Julie Schoen is from the National Center on Elder Abuse. She states that financial abuse is a growing issue as the population ages. Surprisingly, 90 percent of perpetrators are family members or other trusted individuals. They know the senior trusts them. Therefore, they are able to easily gain access to financial information.
Our brains change as we get older. As a result, it becomes increasingly harder to keep track of our financial matters as this happens. This poses a huge risk for the potential of abuse. However, there are several ways to reduce the risk of you or your loved one being a victim.
First and foremost, have someone help you designate a power of attorney. This will ensure that your financial matters are taken care of when you can’t. Banks often require their own power of attorney paperwork in addition to the legal document prepared by your attorney, paralegal or legal document preparer. If you don’t have a trusted person to nominate as your power of attorney, you can hire a licensed fiduciary such as those at Arizona Elder Care. In Arizona, the Supreme Court has a list of licensed fiduciaries in your area.
Keeping in close contact with your elderly loved ones, their friends and caregivers is important as well. Everyone needs to be aware that you are paying attention. They will be less likely to attempt financial abuse this way.
Additionally, setting up direct deposits with your bank is a safer option than cashing checks. And if you’d like to be able to track purchases and put limits on spending, we have found that the True Link card offers good monitoring options.
Overall, financial elder abuse is a serious and growing problem. Yet taking the correct precautions can greatly reduce your risk of abuse. Our professionals at Arizona Elder Care are here to help! Contact us at (928) 639-1583 for more information.