The ATEL Monthly

Signs that an elder client may be the victim of financial abuse:

Unfortunately, the statistics on elder financial abuse are staggering. About 17% of American seniors are victims and it is estimated that elder financial abuse costs older Americans almost $3 billion a year. People over the age of 50 control over 70% of the nation’s wealth but many seniors do not realize the value of their assets and are taken advantage of by family, friends and even strangers.

  • Client is nervous about spending and can’t spend money the way he wants
  • Bills are not paid on time even though client has the financial means
  • Power of Attorney is signed over or client’s property is suddenly sold or given away
  • Senior is offered care in exchange for property or access to bank accounts
  • Accounts show activity the client couldn’t have done, such as making an ATM withdrawal when the senior is bedridden or online activity
  • Sudden changes to a will
  • Changes to financial decisions that the senior seems incapable of comprehending
  • Items have been purchased that he can’t use, such as a lifetime membership at a gym
  • Care expenses are well below the level the client can afford