Financial abuse is the improper act of using the resources of an older person for someone else’s benefit without their consent. It is estimated that there are possibly five million victims of financial abuse per year.
Case #2
Charlie is an 88 year old gentleman who recently lost his wife. He lives in a large house he and his wife bought fifty years ago. He is lonely and has been in ill health for a few months. Charlie has a good pension and has a comfortable savings account. Charlie’s niece, Olivia, insisted on moving in to help Charlie. Olivia wants Charlie to sign papers giving her Power of Attorney so she can take the burden of paying bills and household maintenance off of Charlie.
It is possible that Olivia is sincere in her attempts to help Charlie. Families all over the country help their aging relatives without taking advantage of them. Did Olivia take an active role in helping Charlie and his wife before she died or has she suddenly appeared after being uninvolved?
Seniors are more at risk for financial abuse than any other age group. The elderly (over age 50) control over 70% of the nation’s wealth.
Many elderly people do not realize the value of their assets. Isolation and loneliness provide an open avenue for anyone having interest in an elderly person’s financial resources. Those with mental or physical disabilities are usually dependant on caregivers who may have access to their assets.
Elderly people are less likely to take action when they have suffered financial loss or theft. The reason for this is not clear, however it is suggested that physical disability, illness and embarrassment about the situation are the predominant contributing factors.
There are signs of financial abuse family members, caregivers, social workers and other interested parties should be aware of:
Sudden change in the elderly person’s bank account
Withdrawal of large sums of money
Abrupt change in the will or financial documents
Signature on checks and documents that does not look like the elderly person’s
Sudden appearance of uninvolved relative claiming right to elders affairs/possessions
New “best friends”
Bills not paid when funds are available
Inclusion of additional names on a signature card
Excessive interest on how much money is spent on the elderly person
Items of value are missing
Recent acquaintances, housekeepers, "care" providers, etc. declare undying affection for the older person and isolate the elder from long-term friends or family