Tag: elder abuse

How to Protect a Loved One’s Finances

If you find you have a loved one who is in failing health, has hired caregivers in the home, or is living in a care community, minding the day-to-day finances and spending is a simple task you can manage from a computer. Unfortunately, this can also happen to very health adults who get fooled by clever fraudsters as well. 

After caring for two parents with dementia, I remind myself how much the checkbook meant to my mother. She had always managed the household finances and the suggestion that she was unable to manage a checkbook safely was something that needed to be left unsaid. I found that out after I said it a few times. ; <

 

The biggest problem I faced was a lost purse that contained the checkbook. She thought she left it in a cab, a store, at a bridge game … I couldn’t manage the hours each week spent looking for her purse. Today you can at least get a tile which would have been immensely helpful in keeping track of her handbag, but it wasn’t an option yet.

There are several simple ways to help track the daily spending from the convenience of your computer: 

  • Get a tile and insert it into the wallet so you can easily find it if it get’s misplaced. You can use their online portal to track it’s location.  
  • Open up a new checking account and fund it with a small amount of money that can afford to be lost. You can easily move money into the account in small amounts as it needed to be replenished. If the checkbook is lost or you suspect fraud you can easily close the account.
  • Consider setting up a TrueLink card. It is basically a credit card where you can set up limits on how much can be charged as well as products and services that it won’t fund. There is a fee for it, but the small expense is worth the money it will most likely save in potential losses.

Unfortunately, I have recently had clients both at home and living in communities be a victim of caregiver exploitation. One got my client to write her a small check, one purchased some face cream for my client and asked her for repayment of $85, and another apparently kept asking for gas money. Most agencies and communities require their caregivers agree to never accept money or gifts from clients. Should a client give them money, it needs to be reported to the community or agency. In the past month, I have reported three caregivers for violating this condition of employment. Sadly, I know they will just turn up at another agency.

What I struggled with was that this was one of the few remaining freedoms for my mom. She could no longer drive, or run the bridge games she loved, and that checkbook gave her an empowered sense of self. Now as a Daily Money Manager, I see all the ways that people are trying to get at the money of my clients.

Ultimately, someone needs to be vigilant about minding the finances as well as considering how to layer in these protections. A few bad apples spoil the lot. I hope these options help you and your loved ones. 

The indignity of aging: Caregiver Exploitation

stealmemeIn the past few weeks, I’ve been involved with three older adults who have been the victim of fraud and exploitation and it’s both fueling my commitment to serving older adults and whittling away my belief in humanity.

It’s been distressing and discouraging on many levels.

Every year, the National Council on Aging predicts that $17 Billion is taken by businesses, individuals, and charities that use pressure tactics or misleading language to lead seniors into financial mistakes.

CAREGIVER EXPLOITATION: The first older adult lives in an assisted living community. She is unable to manage her affairs now and I pay the bills on her behalf. She’s been declining and a new caregiver coached her through writing a check for $100.  When I discovered it, I immediately reported it to the community and it resulted in the loss of her job.

I’ve been working with this client for more than two years and know that it would have taken at least ten minutes for her to write that check. She would have been unable to complete it without step-by-step coaching. We reported it to the police and hope they will be able to charge her for this crime. What I learned during this process is that she has been working in senior-living communities for almost a decade. YIKES!

Did she start small to see if anyone noticed the check?  Had we not found it, would she have returned for more money every week?

I’m not sure we will ever truly know.  What I do know is that she most likely made my client very uncomfortable and that makes me angry and sad.

I decided that what I could do was to let the owners of the local home care agencies know her name and what she did. Gotta admit that I made A LOT of phone calls. However, I hope that it can help avoid this happening to someone else. None of these agencies would want her on their payroll. I’m sorry that it’s not easier to prosecute those that pray on older adults.

This is just a reminder that being watchful and protective can make a huge difference for those you love. Fueled. 

Could your loved ones be victims of fraud?

 

Every year, at least $36 Billion is reportedly taken from older Americans, according to the National Council on Aging. The largest segment is “Exploitation” — when businesses, individuals, or charities use pressure tactics or misleading language to lead seniors into financial mistakes. My parents were prayed upon, and the source of the fraud was surprising.

When my parents still lived in their home, they signed two agreements for the same work — one was for a few hundred, and the second was for $5,200. Thankfully, my mom sensed something was wrong and called my sister. I lived near mom and dad so could stop by and found the two contracts for the same work — one that was horrifically over-priced. We were able to cancel the outrageous contract, but I should have also called the police, Adult Protective Services, and the Better Business Bureau. We were so stunned at the time that 1) they could victims of horrible people; 2) thankful we caught it in time that I never circled back to work with the systems in place that could help protect others from this same crime.

The Washington Post carried a story that detailed the depth of the crimes against three local seniors. They were robbed of more than $100,000 by what our local police call “woodchucks”.  They start by offering to trim trees, and if they do return after you have given them a deposit, they usually find a host of other issues to repair. Most of the work is either not needed (roof tile or chimney repair that you can’t see), is done poorly, or never completed.

Holding that checkbook is for many, the last item in helping them feel control over their world. When I started to notice that my parents were writing weekly checks to a variety of charities I had never heard of, my antennae went up. If you read the letters, they are written to make the recipient believe they have already promised a donation. It can be hard to get a handle on this since it feels good to give. However, sometimes it can get out of control.

As a daily money manager, I helped one client who was giving over $2,000 a month to a host of charities she doesn’t even believe in because of the letters and calls coming into her home. He son asked her to keep the donations to under $30, which she did. However, she was writing checks and giving her credit card out nearly 100 times every month.

When we started working on bill pay together, I was able to show her how much money she was giving away and it surprised her. When we started to go through the mail and discussed the charities, she realized she didn’t know what they did or even believe in the mission. After taking these steps, it was easy for her to realize that she needed to reconsider her giving and we came up with a good solution for her.

If you are worried about this with your loved one, start slow. Work in tandem to get a handle on the charitable giving — tax season is a great time to do this. Create a list of the key charities of interest and suggest that you review all of the others at the end of the year.

Money is always a difficult topic in families. If you don’t live near your loved one, or do and think it might be better for a third-party to help, I suggest you consider finding a local daily money manager to help you.

Three Common Senior Scams

checkbookI found that my parent’s were writing checks to charities on a regular basis, which was a new habit. When I realized that I didn’t recognize many of them, and then saw the amount of mail coming in doubling, the alarm bells went off.

I work with a variety of seniors. Most still live at home, have children who don’t live in the area, and need some simple help keeping track of cash flow and their bill payments. I was recently interviewed for a story on the three common senior scams and hope that you will find some tips on help to help your loved ones avoid becoming a victim to the hideous people hoping to separate them from their savings. Referred.

 

Related Stories:
– “Be on Guard: 3 Common Senior Scams” by Amy Fontinelle

Elder financial abuse costs $2.9 billion a year

WEAADEvery year an estimated 5 million older Americans are victims of elder abuse, neglect, or exploitation. And that’s only part of the picture: Experts believe that for every case of elder abuse or neglect reported, as many as 23 cases go unreported. This post is to honor June 15, 2016, which is World Elder Abuse Awareness Day.

While likely under-reported, elder financial abuse costs older Americans $2.9 billion per year (National Council on Aging).  When my parents started to slow down and I noticed they were a little more forgetful, my siblings and I went on high-alert.

Thankfully, when mom signed a contract with two different firms to repair a small hole in their gutter, one for $5,200 and one $1,200 for the same repairs, she called my sister sensing she needed help and we were able to step in and cancel the contracts. It was a major warning signal that someone could take advantage of our parents.

For the 34.2 million Americans providing unpaid care to an adult age 50 or older (Caregiving in the US – AARP 2015 Report) in addition to helping with their care needs, if someone is not helping with the finances, it’s important to be vigilant because of the growing threat of elder abuse. If you want to get get your own records organized, download Save It or Shred It for a list of the documents you should keep.

Some elder abuse is subtle. I watched as my parents started to send checks to a wide-variety of new charities they had not previously supported. Then I started to see new magazine subscriptions to publications they would never read. These were smaller, more incremental solicitations that played on my parent’s beliefs and forgetfulness. Within a year, both parents were diagnosed with different forms of dementia.

Many adult children struggle to help mom and dad, but there are a few ways families can work together to ensure their parent’s don’t fall victim to a scam.If you are starting to see new spending habits, three things you can do:

  • Offer to help in small ways to support your parent. The fear that a child will take away car keys or put them in a “home” are very real, so make sure they know you will just be stepping in to work side-by-side until they can manage again on their own. For more on this check out this story on the concept of being a “care partner”.
  • Meet with an estate or elder care attorney if you do not have a Durable Power of Attorney (DPOA) or Healthcare Directives in place. You will need these to be an effective advocate for your parents(s) and doing this now will be invaluable should a parent’s health decline.
  • Contact Adult Protective Services (APS) if you have evidence of fraud. While there is little they may be able to do, they should be able to direct you if there is evidence of financial abuse. Before you pursue this option, I hope you will check with an elder care attorney.

The two ways my parents became super subscribers and diligent donors was from phone solicitations and incoming mail. Many of us have heard about the phone scams, but you can’t discount the mail as a potential threat to your parents. Many charities and publications thoughtfully word their solicitations using language that allows the reader to believe they have already pledged money as well as been subscribers. It’s incredibly effective.

For a checklist you can share, here is a list of scams produced by the Department of Health & Human Services.

Protecting a Parent from Elder Abuse

WEAADEvery year an estimated 5 million older Americans are victims of elder abuse, neglect, or exploitation. And that’s only part of the picture: Experts believe that for every case of elder abuse or neglect reported, as many as 23 cases go unreported. This post is to honor June 15, 2016, which is World Elder Abuse Awareness Day.

While likely under-reported, elder financial abuse costs older Americans $2.9 billion per year (National Council on Aging).  When my parents started to slow down and I noticed they were a little more forgetful, my siblings and I went on high-alert.

Thankfully, when mom signed a contract with two different firms to repair a small hole in their gutter, one for $5,200 and one $1,200 for the same repairs, she called my sister sensing she needed help and we were able to step in and cancel the contracts. It was a major warning signal that someone could take advantage of our parents.

For the 34.2 million Americans providing unpaid care to an adult age 50 or older (Caregiving in the US – AARP 2015 Report) in addition to helping with their care needs, if someone is not helping with the finances, it’s important to be vigilant because of the growing threat of elder abuse. You can download a free white paper designed for caregivers to help you understand and organize the important documents you will need.

Some elder abuse is subtle. I watched as my parents started to send checks to a wide-variety of new charities they had not previously supported. Then I started to see new magazine subscriptions to publications they would never read. These were smaller, more incremental solicitations that played on my parent’s beliefs and forgetfulness. Within a year, both parents were diagnosed with different forms of dementia.

Many adult children struggle to help mom and dad, but there are a few ways families can work together to ensure their parent’s don’t fall victim to a scam.If you are starting to see new spending habits, three things you can do:

  • Offer to help in small ways to support your parent. The fear that a child will take away car keys or put them in a “home” are very real, so make sure they know you will just be stepping in to work side-by-side until they can manage again on their own. For more on this see last weeks blog on the concept of being a “care partner”.
  • Meet with an estate or elder care attorney if you do not have a Durable Power of Attorney (DPOA) or Healthcare Directives in place. You will need these to be an effective advocate for your parents(s) and doing this now will be invaluable should a parent’s health decline.
  • Contact Adult Protective Services (APS) if you have evidence of fraud. While there is little they may be able to do, they should be able to direct you if there is evidence of financial abuse. Before you pursue this option, I hope you will check with an elder care attorney.

The two ways my parents became super subscribers and diligent donors was from phone solicitations and incoming mail. Many of us have heard about the phone scams, but you can’t discount the mail as a potential threat to your parents. Many charities and publications thoughtfully word their solicitations using language that allows the reader to believe they have already pledged money as well as been subscribers. It’s incredibly effective. Warned. 

For a checklist you can share, here is a list of scams produced by the Department of Health & Human Services.