Money Talks - Elder Abuse is not Always Physical

Clayton Kent — Mon, 17 Nov 2008 17:57:07 GMT

The less talked about side of elder abuse isn't related to physical abuse. Seniors can be an easy target for investors looking to pad their own bank accounts. Caregivers, utilizing their position of trust, can gain access to finances for their own personal gain. Dishonest acts like this are not a fallacy, but a stark reality for a number of North Bay residents. There is the ongoing saga with Gary Armitage and the now defunct AGA Financial, currently being investigated for fraud. A recent settlement that returned $2.1 million to an estate after uncovering a variety of financial schemes that transferred funds and property rights to caretakers.

Steps to Prevent Financial Elder Abuse

While there is no cure-all to stop financial abuse, there are steps that can be taken to help limit unnecessary risk to financial exploitation.

Document all financial arrangements. Get your instructions in writing - this will help protect you and limit future misunderstandings.
Understand Life-Long care agreements. Document the agreement and specify any compensation that will be paid to the caregiver.
Have someone review financial agreements. Have an attorney or financial consultant explain how changes in agreements will directly effect you.
Be cautious of joint bank accounts. Both parties are equal owners of the account and have equal access to funds. This can be an easy path for someone to access your money.
Understand any power of attorney agreement. Before assigning a power of attorney, make sure you understand the authority you are giving,and know the person you are giving the authority. If there is going to be any compensation, specify the amount in the agreement.
Ask for help. Financial matters can be confusing. Ask for clarification from trusted family sources, financial advisers, a social worker or other professional.
Stay connected to the community. Isolation increases the risk of becoming a victim of financial abuse. Find ways to participate within the community. The Sonoma County RSVP and San Francisco RSVP (Retired Senior Volunteer Programs) are great resources for volunteering opportunities.

These are just a few of the many steps you can take to protect yourself against financial abuse. While there is no magic formula to stop this type of exploitation, being educated and informed is the best defense to safeguard your assets.

For a more complete list of the above financial protection tips, please download the Project SAFE pamphlet.

For reporting suspected abuse, call California State Attorney General's toll-free hotline at: 1(888) 436-3600 or download the Adult Protective Services County Contact List.

Originally posted at InjuryBoard by Clayton Kent

Novato Personal Injury Lawyer - Volunteer

Money Talks - Elder Abuse is not Always Physical