How to Identify Financial Exploitation - Questions & Answers

Is financial exploitation is a new phenomena?

Answer: Elder abuse, including financial exploitation, can be traced to times of Greek mythology and Shakespeare. The elderly have always been targets for manipulation and abuse due to their medical, emotional and psychological changes and problems.

Has financial exploitation become an increasing problem?

Answer: As the numbers of baby boomers age in dramatic proportions and life expectancy increases, the opportunity for financial exploitation has increased exponentially.

Are strangers the primary perpetrators of the elderly?

Answer: Of alleged perpetrators of elder abuse, 33% were adult children, 22% were other family members; 16% were strangers, and 11% were spouses/intimate partners. (Teaster, National Center on Elder Abuse, 2006.)

Are men more like to be perpetrators of abuse?

Answer: Slightly more than half of the alleged perpetrators of elder abuse were female (53%). Older women (67%) are far more likely than men (32%) to suffer from abuse. (National Center on Elder Abuse Study, 2004)

Definition: Financial abuse, whether small or large, involves the improper us of another person's money or property. Financial exploitation involves the marshalling of an elder's resources for personal profit or advancement. It is illegal and a crime.

Examples of financial exploitation:

1. Borrowing or accepting cash under deceptive reasons.

2. Cashing checks without permission or authorization.

3. Signing an elder's name for one's own gain.

4. Misusing or stealing an elder's money or belongings.

5. Taking advantage of one's use of powers of attorney.

How to identify possible abuse:

1. Unexplained changes in the names on bank accounts or financial records.

2. Unusual withdrawals accompanied by another person.

3. Sudden changes in legal documents such as wills, power of attorneys.

4. Unpaid bills despite having enough money.

5. Unusual signatures on property titles or financial transactions.

6. Unexplained transfer of funds.

7. Unfamiliar family or friends claiming to have rights to "help" with a person's affairs and/or possessions.

8. Large or frequent "gifts" to unfamiliar family or friends.

Warning signs of potential financial abuse:

1. Cognitive problems

2. Fearful, emotionally fragile or distressed

3. Suspicious, delusional

4. Changes in appearance, poor hygiene

5. Accompanied by an overly protective or dominating caregiver

6. Decline in ability to perform activities of daily living, including self-care, daily finances, and medication management.

What to do:

1. Talk to a trusted doctor, health care provider, lawyer or clergy about concerns.

2. Seek resources for social services and money management (see below.)

3. Contact an attorney (see legal resources below.)

4. Report potential fraud or exploitation (see below.)

5. Obtain a medical evaluation from a geriatrician, neurologist, psychiatrist or psychologist.

Social Services & Money Management Resources:

1. United Way: Dial 211 or http://www.liveunited.org/

2. Department on Aging & Disabilities (DADS) 1-800-252-9240 http://www.dads.state.tx.us/

3. National Association of Professional Geriatric Care Managers http://www.caremanager.org/

4. Investor Education: http://www.texasinvestored.org/

5. US Securities & Exchange Commission (Information for Seniors) http://www.sec.gov/investor/seniors.shtml

Legal Advice or Protection Contacts:

1. Weiner & McCulloch, PLLC 713-568-1393 http://www.elderlawhousing.com/

2. American Association of Attorney-CPAs http://www.attorney-cpa.com/

3. National Academy of Elder Law Attorneys (NAELA) http://www.naela.com/

4. Legal Hotline for Older Texas 1-800-622-2520

5. Life Care Planners Law Firm Association http://www.lcplfa.org/

Reporting Potential Fraud or Exploitation:

1. Adult Protective Services (APS) 1-800-252-5400. Texas State Department of Family & Protective Services http://www.txabusehotline.org/

2. Texas State Securities Board 1-514-305-8300 http://www.ssb.state.tx.us/

3. Texas Attorney General's Office 1-800-252-8011 http://www.oag.state.tx.us/

Source: Adult Protective Services. http://www.everyonesbusiness.org/ and Baylor College of Medicine's Texas Consortium Geriatric Education Center.Sample Text

• View Our Firm’s Brochure