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It is a common concept to want companionship, and elders are no exception. Unfortunately, an elder with diminishing capacity can easily become a victim of financial abuse if they and/or their advocates are not careful to watch for the indicators of elder mistreatment. Here are a handful of possible indicators of elder financial abuse to be aware of and look for:
- Unpaid bills, eviction notices, or notices to discontinue utilities.
- Withdrawals from bank accounts or transfers between accounts that the older person cannot explain.
- Bank statements and canceled checks no longer come to the elder’s home.
- New “best friends”.
- Legal documents, such as powers of attorney, which the older person didn’t understand at the time he or she signed them.
- Unusual activity in the older person’s bank accounts including large, unexplained withdrawals, frequent transfers between accounts, or ATM withdrawals.
- The care of the elder is not commensurate with the size of his/her estate.
- A caregiver expresses excessive interest in the amount of money being spent on the older person.
- Belongings or property are missing.
- Suspicious signatures on checks or other documents.
- Absence of documentation about financial arrangements.
- Implausible explanations given about the elderly person’s finances by the elder or the caregiver.
- The elder is unaware of or does not understand financial arrangements that have been made for him or her.
– The National Committee for the Prevention of Elder Abuse
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The lawyers and staff at CunninghamLegal help people plan for some of the most difficult times in their lives; then we guide them when those times come.
Make an appointment to meet with CunninghamLegal for California Estate Planning and Trust Administration. We have offices throughout California, and we offer in-person, phone, and Zoom appointments. Just call (866) 988-3956 or book an appointment online.
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We look forward to working with you!
Best, Jim
James Cunningham Jr., Esq.
Founder, CunninghamLegal
At CunninghamLegal, we guide savvy, caring families in the protection and transfer of multi-generational wealth.
