When you visited an elder family member over the holidays did you see something ” fishy” going on with their finances?? Was money missing from their accounts, expensive items purchased that the elder did not buy. Are they getting calls for donations from odd sources. All this can be elder fiscal abuse.This type of elder bank robbery represents a 36 billion heist and growing
Fiscal Elder abuse can be detected during the holiday season by visiting family / Paula Span, in her New Old Age column in the New York Times gave some very savvy tips that you should check out.
The worst perpetrators are not professional con artists. The most dangerous elder financial abusers aren’t folks running a scam like Bernie Madoff or crooks offering free lunches to retirees then swindling their money. Vicious financial abusers are most frequently the older person’s own family.
All we have to do is look at the infamous Brooke Astor case. Her son Anthony was convicted of siphoning millions and sentenced to one to three years in prison.
After the trial, one prosecutor called it “grand theft Astor,” with Mrs. Astor’s son on an “a six-year crime spree involving a series of larcenies”
A survey of State Adult Protective Abuse of Adults Over Sixty showed that the most common fiscal abuser was a son or daughter. Adult children perpetrated 33 % of the fiscal exploitation substantiated by APS. Other family members were the next biggest group of fiscal abusers investigated by APS. These other kin represented almost 22% of the financial abuser reported nationwide to adult protective services . So schooling midlife adult children visiting over the holidays to do some discreet detective work to check, desks bank account etc. What is important is they are not confrontive with the parent but to present questions as support for Mom and Dad
What are red flags for adult fiscal abuse
Financial abuse can have many faces
➢ Someone paying bills but bills are not paid
➢ Money missing from accounts
➢ Family member /caregiver withdrawing large amounts of money from accounts
➢ Someone taking money under false pretenses,
➢ forced property transfers
➢ purchasing expensive items with the older person’s money without permission
➢ denying the older person access to his or her own funds or home.
➢ Scams perpetrated by salespeople
Elders rarely report elder abuse according to a Met life study on the crime. Only the tip of the iceberg of this con is reported for various reasons. Seniors often believe that they are responsible for allowing themselves to be swindled or abused. They frequently fear they will be placed in a nursing home if they report the crime. Older victims hold back in turning the perpetrator in because they are afraid the person will harm them further. And finally, since the tormentor is often a son or daughter their motherly urge is to protect the criminal in their nest.
If You saw fiscal abuse during the Holiday season visit to loved ones. report it to Adult Protective Services and call an aging life care manager . They are experts at helping you make sure this does not happen in the future with vulnerable elders.