Elder Financial Abuse – Signs
Posted on | May 19, 2010 | 3 Comments
The United States government’s Administration on Aging, a part of the U.S. Department of Health & Human Services, identifies the major types of elder abuse such as physical abuse, sexual abuse, neglect, financial abuse, etc. A type of abuse identified by the U.S. government that is seen too often in probate and inheritance matters is the financial abuse of the elderly.
The Administration on Aging has posted the signs and symptoms of financial or material exploitation of the aging. These include but are not limited to:
- sudden changes in bank account or banking practice, including an unexplained withdrawal of large sums of money by a person accompanying the elder;
- the inclusion of additional names on an elder’s bank signature card;
- unauthorized withdrawal of the elder’s funds using the elder’s ATM card;
- abrupt changes in a will or other financial documents;
- unexplained disappearance of funds or valuable possessions;
- substandard care being provided or bills unpaid despite the availability of adequate financial resources;
- discovery of an elder’s signature being forged for financial transactions or for the titles of his/her possessions;
- sudden appearance of previously uninvolved relatives claiming their rights to an elder’s affairs and possessions;
- unexplained sudden transfer of assets to a family member or someone outside the family;
- the provision of services that are not necessary; and
- an elder’s report of financial exploitation.
You can visit the government’s site here for more information.
If you know of an elderly person who may be the subject of financial or material abuse, you should visit the government’s site to learn what you can do to protect them in these situations.
If you have questions about your inheritance rights and would like to talk to an estate planning attorney or a lawyer who is familiar with inheritance and probate law to advise you about your inheritance rights, click on the picture in the upper right under “Visit our website.”
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August 12th, 2011 @ 3:17 am
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August 12th, 2011 @ 10:21 am
Nice post. Thanks for your great information
August 19th, 2011 @ 10:39 am
Thanks for the post. And then there’s the institutional financial elder abuse practiced legally by big insurance companies and their third party salesmen. They peddle unsuitable annuities to elders who often don’t understand or have a need for their products. In some cases locking up a majority of their life savings in low return, irrevocable annuities with outrageously low commuted values.