Elder Financial Abuse is the fastest growing category of elder abuse, and the numbers are going up every year.
Typically a caregiver or family member works to gain the trust of an elderly person and gains access to financial accounts. In this episode we discuss Red Flags to may point to suspicious activity. We talk about things a person can do if they suspect financial abuse. We also talked about other scams, such as phone scams and online scams.
Part of the reason older people are more vulnerable to financial exploitation is because it is more likely that they are isolated and lonely. Frances Simon, my guest and founder of the PSGroup, suggests that even if your loved one lives out of state, that you develop relationships with neighbors and elder support services where they live.
1. Be intentional about getting your financial house in order.
2. Plan for something fun, in other words, reward yourself for the work you do to get your financial documents in order.
3. Be organized in your living space. Let your children or contact person know where your paperwork is; do not leave an inheritance of a big mess.
4. Create a memento box and write letters to your children to store along with memories you want to save for them.