How to Prevent Elder Financial Abuse
Financial abuse of the elderly is a growing problem in America, and family members - especially those who live a long distance from an elderly loved one - need to be aware of both the symptoms of financial abuse and the remedies available.
Here are some signs to watch for:
· Large withdrawals from bank accounts
· Cash or other valuables missing from the home
· Changes made to property titles or wills
· Forging of an elderly person's signature
· Purchasing unnecessary goods or services
· Suspicious financial activity - i.e., sudden ATM withdrawals from a senior's account when you know they have never used an ATM card
Recommendations to help avoid elder financial abuse include:
· Get oversight of financial accounts via a power of attorney co-agent designation
· If necessary, have a guardian or conservator appointed
· Avoid having a child or other relative as a joint owner of financial accounts
· Establish a trust to hold assets with a trustee who has fiduciary responsibility to the elderly relative
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0041.