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| Financial Abuse of the Elderly |
| by Danielle Cefalu |
| Last week I received a frantic call from a client’s daughter. “I was checking dad’s bank account online and there is $60,000 missing, what can I do?” |
| After some investigation we found out that dad was the victim of an elder scam. Dad had received a letter telling him he had won over $1 million dollars in the Jamaican Lottery and that he would receive it after he prepaid the taxes on the money to the tune of…you guessed it $60,000! Money our client will probably never see again. Unfortunately, that $60,000 is just part of the over $2.9 billion dollars in elder financial abuse which occurs every year. |
| ...happens when caregivers, handymen, housekeepers, financial advisors or others in places of trust and opportunity seize on trusting seniors’ loneliness and depression. |
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| Who are the victims? According to a recent MetLife Study, the typical victim is in the 80-89-age range and is visible to the potential perpetrator in the community through activities at banks, grocery stores, churches or driving around town, and is currently exhibiting some noticeable signs of mild to severe cognitive and physical impairment. In almost all cases the victim exhibits a tenuous combination of valued independence and observable vulnerability that optimizes the opportunity for abuse by every type of perpetrator, from the closest family members to professional criminals. |
| Elder abuse crimes fall into three categories: crimes of occasion, crimes of desperation and crimes of predation. Crimes of occasion occur because the victim is merely in the way of what the perpetrator wants. The elder has money, assets, and the like, and the occasion presents itself for the perpetrator to avail himself of the resource. An example of this crime was where a woman was electrocuted with a stun gun and robbed after allowing someone into her home whom she thought was the pharmacist delivering medications for her ailing husband. The occasion was the open door and a person she thought was one she could trust. |
| Crimes of desperation are typically those in which family members or friends become so desperate for money that they will do whatever it takes to get it. Many of these family members are dependent on the elder parent for housing and/or money. Often drug or alcohol abuse is present. The exploiting family member/friend justifies his actions by stating that they are providing “care” in exchange for taking the elder person’s money/possessions. The “care” provided usually results in emotional control, threats or even neglect of care over a period of months or years. One horrible example of this is a son who extorted money from his dying adoptive mother by threatening to burn down her house and throw her dog against the wall. |
| Finally, crimes of predation occur when someone specifically builds a relationship with the intent of committing financial abuse. The taking of the assets is by working his/her way into the trust and life of the elder only to take it all and leave the elder penniless and without a relationship that was important to his/her life. This type of abuse happens when caregivers, handymen, housekeepers, financial advisors or others in places of trust and opportunity seize on trusting seniors’ loneliness and depression. |
| Several years ago an elderly gentleman walked into our office with a young woman (who had arranged the appointment) alleging he wanted a power of attorney executed naming her as his agent. We asked to speak to the gentleman alone and questioned him as to why he had come to our offices. He seemed confused but told us the woman who had brought him was a very nice bank teller at his bank! We asked the man if he had any children and if we could call them. He gave us his son’s number and we got him on the phone immediately and were able to avoid a financial disaster in this case. |
| Unfortunately, financial elder abuse is on the rise and many of our loved ones will fall victim to some predator’s scheme to take their assets. Social isolation and mental impairment (such as dementia or Alzheimer’s disease) are two factors that make an older person more vulnerable to abuse. The best thing that elders can do is to ask questions and be wary of anyone asking for money. As the loved one of an elder, stay involved in his/her life, don’t be afraid to talk about financial matters and help the elder protect himself/herself from predators. |
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 Miles Hurley
Miles Hurley is the founding partner of Hurley Elder Care Law, which was created to provide comprehensive legal solutions for families with age-related events. |
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| 1/17/2012 - Lilburn Support Group |
| 1/18/2012 - CEU at Grady Hospital |
| 1/19/2012 - Presentation at Savannah Grand |
| 1/19/2012 - In-Service for Caregivers at Alpharetta YMCA |
| 1/25/2012 - In-Service for Emory's Geriatric Psychiatry Fellows |
| 1/27/2012 - Kaiser Permanente In-Service at Northside Hospital |
| 2/1/2012 - Harmony on the Lakes Presentation |
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| Happy New Year from Hurley Elder Care Law. We are all jealous to report that Anne, Steve and the girls embarked on an Australian adventure over the holidays. They had a great time, climbed the Sydney Harbor Bridge and rang in the New Year with all the fireworks. |
| I would like to share some staff resolutions. Louise, Dawn and Joanna plan to lose some weight, Nancy plans to establish an organic vegetable garden, Theresa wants straight A's for her last semester of college, Miles will hike 200 miles on the Appalachian Trail and Michelle is planning on a sibling for Otis. |
| Wishing you all a healthy and prosperous New Year. |
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