On a recent episode of our monthly Wealth Matters radio show, Gaslowitz Frankel partners Craig Frankel and Robert Port sat down with Kristen Lewis from the Bowden Law firm to discuss common signs of elder financial abuse and how to stop it.
What Constitutes Elder Financial Abuse?
Generally speaking, it can be defined as the improper use of an elder’s resources — neglect, exploitation, and any form of intentionally misleading the victim about how they should manage their assets for personal gain.
Why Are Elders More Susceptible to Financial Abuse?
According to Kristen, financial abuse “is a societal plague that affects everyone — people of all socioeconomic levels.” However, she also states that elders between the ages of 80-89 are the most common victims.
The sad truth is that people in this age bracket are more likely to suffer from memory loss and impaired decision-making due to Alzheimer’s disease and other forms of dementia. This makes them a target for corrupt advisors and any other deceitful individuals who have access to their finances.
Even if a victim suspects that they are being abused, they may be too embarrassed to admit the truth and may fear that they are no longer able to effectively care for themselves.
Who Are the Common Perpetrators?
The vast majority of perpetrators of financial abuse are actually known by the elder — family members, spouses, adult children, friends and neighbors, in-home caregivers, conservators, etc.
Most of these abusers are male and ⅔ of elder financial abuse victims are females in their 80s. This could be partially attributed to the fact that women typically live longer than men, and the fact that, historically, women have been less involved in the financial decisions during their marriage, so they are more likely to seek assistance with these matters after their spouse passes away.
How Can I Prevent Elder Financial Abuse?
One of the best ways to prevent elder financial abuse is to stay educated about red flags that such activity is taking place, and be proactive by setting up documents such as Power of Attorney that allow you to name an agent you trust wholeheartedly to act on your behalf.
To learn more about indicators of elder financial abuse and the preventative action you can take, watch the full episode of Wealth Matters here.
Gaslowitz Frankel LLC is Georgia’s premier fiduciary litigation law firm. The firm has earned a reputation for excellence across Georgia and the Southeast in providing representation to individuals, executors, trustees, investors, shareholders, and financial institutions in complex fiduciary disputes involving wills, estates, trusts, guardianships, conservatorships, businesses, and securities. If you are involved in a dispute over a will, trust, or estate, call us at 404-892-9797 for a case evaluation.
