How can I protect my aging parent against financial abuse?

tekkii • December 7, 2010

Elder abuse can take many forms

Elder abuse is something I don’t like to think about. It’s a tough subject to write about. But, each of us needs to raise our level of awareness so we can protect our aging parents.  When I hear the term, I think about physical abuse and neglect of the elderly by hired employees in a nursing home. But, it encompasses so much more.

The National Center on Elder Abuse (NCEA) lists these other forms: emotional or psychological abuse; verbal abuse and threats; financial abuse and exploitation, sexual abuse, and abandonment. It can happen anywhere: nursing home, private home and other institutions. Surprisingly, it affects the elderly across all socio-economic classes. Dementia is an especially strong risk factor.

This particular article focuses on Elder financial abuse. The elderly can be financially abused by mail fraud, phone fraud, business fraud and stealing by a family member or hired caregiver, or visitor. Today, I heard yet another instance of a trusted caregiver stealing a large sum of money, $20,000, from an elderly man.

Here are some key ways we can prevent financial abuse from happening to our elderly loved ones.

  • Stay in frequent contact with elderly relatives, and keep lines of communication open.
  • Be observant and perceptive about any physical or behavioral change.
  • Choose any caregiver carefully. Never select one through an ad. Use a licensed, bonded agency. Hire an investigator to ensure the potential caregiver is not a convicted felon.
  • Keep a photographed inventory of all jewelry in a locked box.
  • Use a criss-cross shredder on any paperwork containing identifying information.
  • Protect incoming and outgoing mail. Getting a Post Office box is a good preventive measure.
  • Obtain a credit search for your parent 2-3 times a year.
  • Have Caller Id on the phone. Teach your parents to not answer “unknown” or “out of area”. Tell them that scam artists use the phone as a weapon, and it is OK to hang up on someone.
  • Tell them “You will NEVER win a foreign lottery”.
  • Have a duplicate copy of their banking account statements sent to a trusted family member.
  • Tell them to not assume a handyman is to be trusted, even if he has a wonderful name and is charming. Check the Better Business Bureau and state licensing. Always get 3 estimates. Obtain a written contract. And, never pay more than 10% or $1,000 up-front, whichever is less.
  • Have a second line of defense at their front door (a peephole or locked screen door).

Report any suspected mistreatment immediately. Contact the Helpline for your state at http://www.ncea.aoa.gov/NCEAroot/Main_Site/Find_Help/Help_Hotline.aspx

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