Elder Financial Abuse
Actor Mickey Rooney testified in Washington on Wednesday that he has been a victim of elder financial abuse, putting him among some 2.1 million aging Americans who each year suffer some form of financial, physical, psychological or other abuse, according to the American Psychological Association.
“Mickey Rooney’s experience highlights a rising problem in a graying nation,” said Ted Sarenski, a CPA financial planner in Syracuse, N.Y. who chairs the Elder Planning Task Force of the American Institute of Certified Public Accountants. “And it shows that elder abuse is not limited by location, status or wealth.”
Here are just a few tips that the elderly and their families should consider to fight Elder Financial Abuse.
The elderly should:
• Subscribe to national and state DO NOT CALL lists.
• Keep social security cards in a safe place.
• Avoid giving personal information over the phone.
• Delete unsolicited emails that request personal information or money.
• Not open doors to strangers.
• Remove mail promptly from the mailbox.
• Review bills and bank statements promptly for accuracy.
• Shred all confidential and financial information prior to discarding.
• Make a copy of all items in their wallets and keep it in a safe place.
Families of the elderly should:
1. Beware of a new trusted friend. Mom and Dad have a neighbor, caregiver, sibling or other outsider who is suddenly their best friend running errands, going to the bank or generally being around when they were not in your parents’ past at all. This can be a warning sign that someone is taking advantage.
2. Watch for unusual account activity. Review your parents’ bank and investment statements for excess activity at the ATM, excessive trading in the brokerage account, many cash withdrawals or other suspicious activity. As they age, the elderly usually want simplification so new accounts or a lot of activity in existing accounts is a signal of potential trouble. Also watch out for someone becoming a joint account holder for your parents’ “convenience.”
3. Look through mail and email. Correspondence with people you don’t know or solicitations from questionable charities should be investigated. The elderly often are concerned about taking care of people who are less fortunate and are vulnerable to requests from charities that are not legitimate.
4. Keep aware of the will. Victims of elderly abuse often want to change their will to take care of someone who has been kind to them in their later years.
5. Visit. One of the most important prevention techniques is to visit with your parents often. This advice holds for avoiding financial, physical and verbal abuse. Abuse can come from a caregiver, nursing home personnel—even a sibling. Regular and unscheduled visits can be a powerful tool for fighting abuse.
Both should:
Use Google. If they’re online, the elderly should set alerts to track the names of all of their advisors. Families of the elderly should do the same. While not foolproof, Google alerts can help bring to light troubling news articles, forum posts or other material that might otherwise go undiscovered. On the flip side, they can highlight accolades for advisors that help instill confidence.
Be careful with a POA. The elderly should give power of attorney only to someone they trust without question. There are alternatives. One is a springing power of attorney, which only applies upon a certain event. Another is a revocable trust to hold assets with a corporate entity as a trustee. Corporate trustees often have detailed knowledge about issues affecting the elderly and are bonded.
Elder Financial Abuse
Justice for All: Ending Elder Abuse, Neglect and Financial Exploitation
The most recent study of the extent of elder abuse estimated that 14.1 percent of noninstitutionalized older adults had experienced physical, psychological, or sexual abuse; neglect; or financial exploitation in
the past year. This study and three other key studies GAO identified likely underestimate the full extent of elder abuse, however. Most did not ask about all types of abuse or include all types of older adults living in the community, such as those with cognitive impairments. In addition, studies in this area cannot be used to track changes in extent over time because they have not measured elder abuse consistently.
Elder abuse comes in many different forms – physical abuse, emotional abuse, or financial abuse. Ea
List Price: $ 6.99
Price:
FINANCIAL ABUSE OF THE ELDERLY; A Detective’s Case Files Of Exploitation Crimes
The author is a Florida detective recognized as an expert investigator of exploitation crimes who presents 11 shocking and factual investigations. He dispels the myths of this misunderstood crime while providing specific and practical prevention advice. . .
List Price: $ 14.50
Price: $ 13.14
Kill Mom
The beautiful, ruthless Internet Predator wanted my recently-widowed 85 year-old father’s millions. I had to stop their imminent marriage or KILL MOM. A true story about a son’s efforts to keep his father from becoming another victim of a Charming Evil Opportunitst. Five months after my mother passed away, my father went on the Internet to find companionship. He quickly arranged a luncheon date with Carolyn, an attractive divorcee whose picture he saw on “A.O.L. In Love.” Carolyn had learned my father was a retired business executive living in an expensive home over-looking San Diego Bay. Due to Carolyn’s intense pressure, they were engaged in six weeks. Carolyn was a violent, dangerous gold digger with a criminal record who use
List Price: $ 9.75
Price: $ 7.68
How to Find a Good Lawyer for Mom or Dad, The Boomer’s Guide to Aging Parents, Vol: 8 (The Boomers Guide To Aging Parents)
There are two areas covered by this minibook: how to help your parent find a lawyer to do estate planning or plan ahead, and how to find the right lawyer when something goes wrong and you, or they need representation. These are insider tips from a lawyer with 30 years of experience.
Author, Carolyn L. Rosenblatt, is a registered nurse and an attorney with over 40 years of combined experience in her two professions. She is a consultant and mediator with a practice in San Rafael,California.
If your aging parent hasn’t ever done any planning ahead in case they become incapacitated, and you’re worried, now is the time to act. If they had a trust or will done thirty years ago, and it’s never been updated, you need to help t
List Price: $ 9.95
Price:
How to Handle Money for Aging Loved Ones, The Boomer’s Guide to Aging Parents, Vol. 6 (The Boomers Guide To Aging Parents)
Elder abuse has been called the crime of the 21st century. Everyone’s parent is at risk when certain factors are present. Don’t allow your aging parent to be ripped off because you weren’t paying attention. This minibook explains how to manage an aging parent’s money legally and safely, and with confidence that you’re doing the right thing.
Author, Carolyn L. Rosenblatt, is a registered nurse and an attorney with over 40 years of combined experience in her two professions. She is a consultant and mediator with a practice in San Rafael, California.
Money can be a sticky issue for families, especially when one is faced with the idea of taking over control of an elder’s checkbook. Handling money competently requires
List Price: $ 9.95
Price:
Elder Abuse: Selected Papers From The Prague World Congress On Family Violence (The Journal of Elder Abuse & Neglect Monographic Separates)
Get up-to-date information and research on elder abuse—from international authorities!
Elder Abuse: Selected Papers from the Prague World Congress on Family Violence is an invaluable collection of the most important presentation papers from the Prague World Congress on Family Violence. This comprehensive book presents the latest research and detailed information on the difficult issues surrounding elder abuse around the world. International experts use a multidisciplinary approach to provide ideas and insights to help provide researchers, educators, and practitioners with practical strategies for dealing with the numerous facets of this disturbing issue.
Different types of abuse are explored in detail, including phy
List Price: $ 49.95
Price: $ 36.95
Elder Financial Abuse is a hidden, but serious problem for many seniors.
Other readers are looking for:
- abuse, elder abuse, elderly abuse, elder financial exploitation mailbox, financial abuse, financial exploitation of the elderly, finical abuse on elder abuse, Pictures of elder abuse, prevent elder exploitation revocable trust
Baby Boomers – Google News
Follow Hello Boomers Magazine