Top Ten Red Flags of Elder Financial Abuse
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Sudden changes in a senior’s bank account of banking practices
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Uncharacteristic and unexplained withdrawals of large sums of money by an elder or someone with a power of attorney for a senior.
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Large credit card transactions or checks written to unusual recipients such as salesman, telemarketers, or “cash.”
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Abrupt changes in a will or other financial documents; transfer of a senior’s assets to a family member or acquaintance without a reasonable explanation.
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Complaints of stolen or misplaced credit cards, valuables, checkbooks or checks form the Social Security Administration, pensions and annuities.
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Seniors who appear nervous when accompanied by another individual or give far-fetched explanations of why they need money.
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Sudden increases in incurred debt or inexplicable credit card transactions.
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A person accompanying a senior who bullies the senior into making a withdrawal or does not allow the senior to speak for him or herself.
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New signatories added to a senior’s account or newly formed joint accounts between a senior and another individual.
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Possible forged signatures on financial transactions, documents for transfer of assets, or new applications for items such as credit cards.
These came for my good friend Andy Hook's newsletter a few years ago. They are as pertinent today as they were when Andy posted htme! This situation can be avoided when you appoint a trusted familiy member, friend or attorney/trust department as your Agent in a well drafted Durable Power of Attorney. If these red flags sounds familiar or you want to start your own planning to avoid this situation, please give us a call for a consult.
Source: Oast & Hook, Elder Law News, Vol 13 Issue 7, April 28, 2006