Financial Exploitation: The Undetected Abuse to Seniors

Durable Power Of Attorney - Financial Exploitation: The Undetected Abuse to Seniors

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For all types of elder abuse: for every reported case, there are 23.5 unreported cases

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Durable Power Of Attorney

For financial exploitation cases: for every reported case, there are 43.9 unreported ones

For neglect cases: for ever case undergoing investigation, there are 57.2 unreported cases

The New York State Elder Abuse Prevalence Study was the second-largest study ever conducted on elder abuse and the first one conducted on a statewide scope. Although the study's contents have not yet been released by New York State Office of Children and house Services, the grim figures above were presented while a up-to-date conference.

Scarier still, is the implication that the incidences of abuse may positively be even higher since the study excluded older persons who were unable to share in telephone surveys.

Surprisingly, the most commonly reported was emotional abuse, followed by physical abuse; however, financial exploitation seemed to be the most prevalent form of elder mistreatment.

If previously undetected, how do we know if it's occurring at all? And what can you do to stop it?

Prevention

Monitor Financial Activity. Look for these things:

Unusual performance based on ability, e.g. Atm use by a physically impaired person Unexpected new withdrawals in round numbers (, 0, ,000, etc.) Withdrawals from a savings inventory or from checking accounts despite of penalties Increased financial performance on bank statements Requests to change inventory beneficiaries or issuance of authorizations Elder showing signs of obscuring linked to finances Property title changes or re-financing reports

Monitor inheritance and Wills. Watch out for:

Changes in Power of Attorney or Durable Power of Attorney Will or trust modifications when the elderly is incapable of requesting changes Requesting will or trust changes that are in favor of a much "younger" friend

Caregivers should take note of these unusual behaviors:

Avoidance of conference of financial matters that were once routine Elderly showing signs of depression Caregiver says the elderly wants to avoid calls and visits Caregiver seeming to be overly involved with financial matters Caregiver speaking for the elder even when the elder is around Perform background check if the caregiver has other means of keep other than the elder's income

Where to Get Support

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