Financial exploitation of the elderly.

The National Elder Abuse Incidence Study (National Center on Elder Abuse, 1998) found that more than 500,000 persons aged 60+ were victims of domestic abuse and that an estimated 84% of incidents are not reported to authorities, denying victims the protection and support they need.  Given the significant under reporting, the Senate Special Committee on Aging estimated that as many as five million older Americans may be victims of abuse, neglect, and/or exploitation every year.  These vulnerable elders are subject to injury and to premature death (Lachs et al., 1998), often from caregivers and family members.  Elder financial exploitation—commonly linked with other forms of abuse and neglect—threatens the health, dignity, and economic security of millions of older Americans.  Elder abuse is estimated to cost Americans tens of billions of dollars annually in health care, social services, investigative and legal costs, and lost income and assets. 

Financial Abuse:

Indicators are signs or clues that abuse has occurred. Some of the indicators listed below can be explained by other causes or factors and no single indicator can be taken as conclusive proof. Rather, one should look for patterns or clusters of indicators that suggest a problem.

• Bills or creditors going unpaid for extended periods, utilities being shut off or eviction notices being sent and which the elderly adult is not generally known for not paying their bills and has the ability to pay
• New friends or acquaintances which the elderly persons becomes suddenly attached to and speaks often about
• Sudden changes to long-standing estate planning documents, including Wills, Powers of Attorney, Revocable Trusts
• Executing financial documents or powers of attorney which the elderly person cannot understand or explain
• Unusual activity on the elderly persons bank accounts including abnormally large or frequent cash withdrawals, frequent transfers to new or unknown accounts, changes to beneficiary designations and the addition of co-owners to their accounts
• Inconsistent or unusual signatures on checks
• Speaking negatively about children, or spouses which is uncommon, especially after another son or daughter, friend or distant relative has spent an extended amount of time with them
• Care and services which are not at the level expected for someone with their wealth
• Taking out new mortgages on their home or opening new credit card accounts when they have other readily available cash or liquid assets more than adequately covering their needs
• Children or caretakers being intimately involved in the elder persons financial decisions who the elderly person would not normally rely upon for financial advice or assistance
• Financial statements no longer being delivered to the elderly persons home or residence
• Personal belongings, jewelry and other valuable items missing
• Elderly persons who don’t normally complain about money suddenly complaining about not having enough money to do the things they want to do
• Caretakers or children taking control of conversations with the elderly person or the elderly person being in fear of speaking in front of that person without looking to them for assurance or permission first
• A new, much younger love interest or best friend comes into their life
• Large purchases which the elderly person wouldn’t normally purchase or has no need for such as an elderly male widower purchasing expensive women’s jewelry and clothing
• Implausible explanations given about the elderly person's finances by the elder or the caregiver
• Absence of documentation about financial arrangements

For more information visit: Prevent Elder Abuse