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Virginia Elder Law

Monday, June 11, 2012

Top Ten Red Flags of Elder Abuse

 

Top Ten Red Flags of Elder Financial Abuse

 

  1. Sudden changes in a senior’s bank account of banking practices
  1. Uncharacteristic and unexplained withdrawals of large sums of money by an elder or someone with a power of attorney for a senior.
  1. Large credit card transactions or checks written to unusual recipients such as salesman, telemarketers, or “cash.”
  1. 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.
  1. Complaints of stolen or misplaced credit cards, valuables, checkbooks or checks form the Social Security Administration, pensions and annuities.
  1. Seniors who appear nervous when accompanied by another individual or give far-fetched explanations of why they need money.
  1. Sudden increases in incurred debt or inexplicable credit card transactions.
  1. 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.
  1. New signatories added to a senior’s account or newly formed joint accounts between a senior and another individual.
  1. 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


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The Estate & Elder Law Center of Southside Virginia, PLLC assists clients in Danville, Virginia and in Bassett, Virginia as well as Stanleytown, Fieldale, Collinsville, Henry, Martinsville and Patrick Springs in Henry County, Franklin County, Pittsylvania County and Patrick County.



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