Tips to Spot and Prevent Financial Elder Abuse

If your loved one is having his or her financial affairs managed by another person, it can be helpful to be aware of the indicators of financial elder abuse.

2012-12-20

December 20, 2012 (Press-News.org) Few of us want to admit it, but nearly everyone who lives to see old age will reach a point where they are unable to manage their affairs. In some cases, the issue is short-term and related to a temporary illness or hospitalization. In other instances, the problem is a permanent consequence of Alzheimer's disease or another form of dementia.

When this happens, most people end up having their affairs managed by a friend or relative. Unfortunately, financial misdeeds are one of the most common forms of elder abuse. Too often, the person entrusted to manage the elder's finances ends up diverting the money to him or herself. At best, this means that the elder's estate planning wishes won't be carried out. In severe cases, though, financial elder abuse can leave the victim without the resources he or she needs to afford medical care or a respectable quality of life.

Spotting financial abuse

If your loved one is having his or her financial affairs managed by another person, it can be helpful to be aware of the indicators of financial elder abuse. Some possible warning signs include:
- The elder seeming withdrawn, frightened or hesitant to discuss finances
- The caregiver isolating the elder or preventing friends and family from visiting without the caregiver present
- Unusual activity in the elder's financial accounts
- The elder's signature appearing on checks or financial documents, even though the elder is too ill to write or understand complex financial matters
- Many unpaid bills or a lack of appropriate clothing, food and personal care items
- Significant changes in the elder's spending habits, including purchasing things that are unnecessary or not useful

Of course, the appearance of one or more of these warning signs doesn't necessarily mean that abuse is afoot. However, it should signal you to pay closer attention to what is happening in your loved one's life. In Massachusetts, individuals who suspect elder abuse can contact their local Elder Protective Services Agency.

Estate planning to prevent elder abuse

Careful estate planning now can go a long way to protect you from financial abuse when you get older. As you are preparing your financial affairs, consider the following tips:
- Plan early: You never know when an unexpected illness or injury might strike. Even if you are not ready to create your entire estate plan, you should craft a durable power of attorney that puts a trusted person in charge of your finances in case something happens. Make sure this person is someone who has a good track record of managing his or her own financial affairs.

- Institute checks and balances: Consider giving the power of attorney duty to two or more people. Not only will this provide a safeguard in case one ends up being dishonest, but it will also protect you if one of the individuals dies or becomes incapacitated and you have not updated your estate plan. It is also a good idea to have your financial statements sent to more than one person, for the same reasons.

- Work with an attorney: Everyone's estate planning needs are different, and there is no one-size-fits all solution. An experienced estate planning attorney can help you make sure your interests are protected.

Elder abuse is an all-too-common problem, both in Massachusetts and throughout the United States. Hopefully, these tips can help you protect yourself and your loved ones from becoming victims of financial abuse.

Article provided by Gosselin Law
Visit us at www.gosselinlaw.com

ELSE PRESS RELEASES FROM THIS DATE:

Florida Snowbirds May Have to Reexamine Their Car Insurance Needs

2012-12-20

Around this time every year the great migration begins - and no, I am not referring to the v-formation exodus of geese flying south for winter, but instead the countless retired "snowbirds" who flock to warmer locales such as Florida in order to avoid the frosty northern weather. And while the gentle warm Florida breezes are usually a welcomed relief from the bitterly cold winds of the north, there are many logistical hurdles snowbirds have to deal with when managing their two different households. For example, snowbirds need to make arrangements for someone ...

Surrendering Your Home in Bankruptcy: What About HOA Dues?

2012-12-20

Sometimes, what you thought was your dream home can turn into a nightmare. Excessive heating and cooling costs, high property taxes, oppressive mortgage payments; the expenses associated with homeownership can quickly spiral out of control. Bankruptcy can be a great way to get out from under oppressive debt, and many consumers choose to surrender their home during bankruptcy in order to completely wipe the financial slate clean. But, even if you surrender your home, it will likely take weeks or months before the eventual sheriff's sale. While you are trying to get your ...

Child Support Enforcement Effort Nets 36 in Hidalgo County

2012-12-20

When a child's parents do not live together -- either because they have divorced or because they were never married -- the noncustodial parent will usually be required to make regular child support payments. Child support is designed to ensure that the child has the support and care of both parents, even if he or she only lives with one of them. Child support payments can be expensive, but parents who are considering missing payments really should think twice. Missed child support payments don't just hurt the child -- they can also subject the parent to severe criminal ...

Sinkhole Opens Up in Florida Front Yard

2012-12-20

A Florida family experienced quite a surprise one recent Monday morning: a large gaping sinkhole in their front yard. Although the homeowner claims the sinkhole was only 25 feet wide when first noticed, it enlarged to nearly 60 feet wide and ten feet deep before engineers believed it was done growing. It should come as some relief that it is believed that the roots of nearby trees were the only thing that stopped the sinkhole from swallowing up the whole sidewalk. Unfortunately however, the Daily Mail reports that the Florida homeowner has no sinkhole insurance, meaning ...

Federal Employment Protection for Disabled Veterans

2012-12-20

Every year, thousands of military personnel leave active duty to return to jobs that they held before they entered the service or search for new jobs. During their time in the service, many veterans suffered disabilities such as missing limbs, post-traumatic stress disorder or traumatic brain injuries. Unfortunately, because of this, it is not uncommon for servicemen and servicewomen to be discriminated against in in their current job or when searching for another job. Fortunately, two federal laws protect veterans from employment discrimination based on their physical ...

Thoughts On the Newtown Incident

2012-12-20

Like all of you, I was shocked and saddened by the events in Newtown, Connecticut at Sandy Hook Elementary. I listened to President Obama speak at the memorial service and I was disappointed in what I did not hear him say. There were no specifics. After considering the amount of gun violence in this country, the awful mass shootings of the last four years, and terrible incidents like the Trayvon Martin shooting. The President of the United States did not specifically state that we need stricter gun control laws, up to and including a ban private ownership of assault rifles ...

What is Hypoxic-Ischemic Encephalopathy (HIE)?

2012-12-20

Hypoxic ischemic encephalopathy (HIE) is a condition in which the brain does not receive enough oxygen. There are a variety of causes of HIE. Any injury and many health conditions can potentially cause oxygen deprivation to the brain. Most often, however, HIE is sustained by newborns during a birth injury or complication. While most of HIE's victims are infants, HIE is used to describe any brain injury that occurs from oxygen deprivation. What are the dangers of HIE? Within as little as five minutes of oxygen deprivation brain cells begin to die; causing serious and ...

California DUI Enforcement Grants Issued; is San Mateo County Next?

2012-12-20

Driving under the influence is a major concern for the police departments in San Mateo County and across California. Authorities are determined to crack down on drunk drivers. To aid in these concentrated efforts, new grants have been awarded to several California police departments. However, residents express concern over these initiatives and some believe that they may simply encourage police to overreach their authority. The new grants Thus far, DUI grants have been awarded to two counties in California. The Elk Grove Police Department recently received ...

Child Relocation Laws in Illinois

2012-12-20

Divorces and separations are emotionally turbulent times, particularly when a child is involved. Because of this, disputes regarding child custody, child support or even where the child will live can easily arise between parents. And, even if these specific issues have been resolved by an Illinois court order, other subsequent problems can quickly surface. For instance, given today's tumultuous economy many parents are discovering that they need to move great distances in order to find work - sometimes across state lines. However, before a parent can remove a child from ...

Fast-Track Options for Social Security Disability Applicants

2012-12-20

Becoming disabled -- and therefore unable to work -- ranks at the top of many New Jersey residents' list of greatest fears. Thankfully, the Social Security Disability program exists to provide a safety net for individuals who have a serious condition that prevents them from earning an income. Unfortunately, it can sometimes take several months to move an application all the way though the process from initial application to approval of benefits. Though the process can sometimes be streamlined by enlisting the help of an experienced Social Security Disability attorney, ...