Money Talks....

On this issue we are talking about Senior Abuse.  At least 10% of adults 65 and older will experience some form of elder abuse in a given year, with some adults simultaneously experiencing more than one type of abuse.

Elder abuse is an intentional act or failure to act by a caregiver or another person in a relationship

involving an expectation of trust that causes or creates a risk of harm to an older adult.  There are 5 types of abuse:

Caregiver Neglect

Financial Fraud & Exploitation

Psychological Abuse

Sexual Abuse

Physical Abuse

The trauma of elder abuse may result in health issues such as deterioration in health, hospitalization, and increased mortality, clinical issues such as depression and suicide, social issue such as disrupted relationships, and financial loss, all leading to diminished independence and quality of life.

Signs of abuse:

The abuser will try to distance the elder from the other family members.  They will do everything to get them out of the way.  The abuser tries to confuse the elder about their health or family members.  Making decisions that the elder doesn’t want.

The abuser takes control of will, POA’s, change of bank accounts, life insurance policies, annuity policies.  With or without the elder’s knowledge.  The elder might even say they didn’t want this change or know how this has happened.

The abuser tries to gain control of documents when there is no need for them to possess them.  This is not to say that whoever would be named as executor over an elder’s estate should not know where the elder keeps important documents.  Everyone should have a will, POA’s, beneficiaries in place.  All documents should stay with the insured until you need to activate services.

All financial professionals and health professionals looks for signs of elder abuse, dementia and Alzheimer’s disease.  If you see signs of elder abuse, report to the authorities.  Charges can be filed and there can be jail time for the abuser.