Elderly financial abuse
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Older Americans are easy victims for scam artists. But a Consumer Reports' investigation has found increasingly it's trusted family and friends who are abusing the elderly by draining bank accounts, selling valuables, or even taking over their real estate. And those crimes can often be very difficult to spot.
Caregivers, family members, and neighbors can use all kinds of tactics to raid their assets. They can be as obvious as forging signatures on checks, begging for loans that are never paid back, or abusing power of attorney.
When you give power of attorney to someone, it can give him unfettered access to your accounts. Someone who misuses those powers can do real damage. And that's a real problem for the elderly.
Consumer Reports says to help prevent elder abuse:
Have bank and investment statements sent to a person you trust to monitor accounts. Arrange for direct deposit and automatic bill pay. Consult a reputable elder law attorney for advice on wills and limiting power of attorney.
Consumer Reports says there are good places to get help if you or an elderly relative is concerned about financial abuse, including the National Center on Elder Abuse, which has links to help and hotlines.
You can also get help for elders dealing with Alzheimer's Disease or other memory loss issues, from the local Alzheimer's Association.
My mother's entire estate ....her home and Merrill Lynch Account of $700,000 was stolen by my own brother and sister in law. The police said this is a "civil issue" the Greene County Bar responded that " this is being done all the time and representing both your brother and mother is "Ok"!
IF YOU READ THIS POST AND HAVE OTHER FAMILY MEMBERS WHO STAND TO INHERIT GET AN ATTORNEY, MOVE TO THE STATE THAT YOUR RELATIVE LIVES AND SPEND ALL OF YOU SAVINGS ....this is easier than robbing a bank! NO one ever gets prosecuted and is SO EASY because NO laws are in place since elder is NOT incompetent signing is ok even though they are blind, profoundly hard of hearing and suffer Alzheimer's Disease.
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If you live in Ohio especially and you happen to live in another state.
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I honestly fear for my folks, my father has the financial sense but my mother I am concerned more for. People that do this are like sharks they take a bite then keep coming back for more. I even hated borrowing money or owing my parents money from when I first lost my job - I figured out how to zero my bills but that money I had to borrow made me feel so bad all I wanted to do was give it back, my folks are well off and won't let me pay it back gradually and want a lump sum instead -_-Â When I had it and they wanted me to wait even longer I had to insist they take it as I just hated feeling like I was taking from them when I should be able to handle myself.
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Now, I do not borrow anything and paid them back and you know what it felt good!
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 The elderly people should be able to be protected but the worst part is there is no one that is truly trustworthy these days! I am happy my parents are financially sound people but each time I hear about what this cons target them for is so terrible and I worry for my parents if I ever move out of state! - Just another reason I am staying close in their aging years, just so I am sure I can get where I need to be if they come calling me.
how about a t least a phone call to the old people too make sure they've done their homework
This is not new, and has been, and will be repeated. And you cannot expect a bank to now offer a service geared to intercept such situations either. They might be able to offer something if they suddenly see changes to an account that up until recent has been sort of in place. But overall, they lack the full knowledge of character of people to know when to intervene.
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We have amongst us some family members that would at the drop of the hat take advantage of anyone for their own personal gain. The first defense should be other family members. And as adults, "before" we ourselves become that "elderly", put into place any and all legal protections to attempt to create a wall against this from happening.
maybe a elderly safety net type financial adviser should be placed in banks just for people of that age, to help counsel the elderly and to help provide correct information of the transactions, before it takes place. this is hurting a lot of the elderly.
 @maggie112 lol a bank? Financial adviser? In the US? Are you serious?
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Maggie, I trust you with my estate way further then I trust any US bank, this isn't 1959 anymore and things have changed some. Besides, you sound like a nice lady.
 @T_BONE_WALKER yes,they have time to match signatures why not?