Letter - Financial abuse

I was born and raised in Henry, S.D. My family experienced several circumstances with the passing of our father who resided in Watertown. I would like the public to be aware of the following information regarding elderly financial abuse.

Financial abuse includes: taking money or property, forging an older person’s signature, getting an older person to sign a deed, will or power of attorney through deception, coercion, or undue influence. Abusers are often adult children or other family members such as grandchildren or spouses whom the elderly trust.

Financial warning signs: withdrawals from the elderly accounts and financial conditions, suspicious changes in the will, power of attorney, titles and policies, addition of names to signature card and financial activity the senior couldn’t have done.

Financial abuse is to gain power and control, but include tactics to limit access to assets or conceal information and accessibility to the family finances.

Financial exploitation occurs when a person misuses or takes the assets of a vulnerable adult for their own personal benefits. This occurs without the consent or knowledge of the senior, depriving him of financial resources for his personal needs. Financial abuse means using a person’s money or property without permission in a fraudulent manner.

If you feel that you can trust a sibling close to an elderly parent, ask for a monthly accounting of how their money is used before their funds are depleted.

When the elderly parent cries because he has no money, believe him and have it all investigated immediately.

The loss of a parent or loved one is already a difficult time for everyone. Taking a few extra precautions to ensure that the loved ones financial affairs are in order before they pass can prevent the extra heartache of losing other family members due to mistrust.

Minerva Strohfus-Hall
New Palestine, Ind.

Full Article & Source:
Letter - Financial abuse