Elder Abuse:
How to Prevent Elder Financial Abuse
Document Financial Arrangements:
Put all financial instructions in writing. Keep up to date records of all financial
transactions in a safe place.
Practice Preventive
Banking: Use direct deposit. Keep
checks in a safe place and don't sign a blank check allowing someone else
to fill in the amount. Never give someone your ATM, credit card or PIN or Social
Security number. Check your bank statements carefully for unauthorized withdrawals.
Be cautious of joint accounts as both parties have equal access to the money.
When in doubt, contact the bank to stop payment on checks, to flag or to put
a hold on the account or to close an account.
Be Cautious of Signing
Powers of Attorney: Before signing
a power of attorney for a bank account, general purposes or for financial management,
know and trust the person that you are naming as the agent. Be aware that a
power of attorney is a powerful legal document that can sometimes be used by
unscrupulous persons to "legally steal" someone's money and
assets. Consult an attorney or make an appointment with legal services before
executing a power of attorney.
Establish Relationships
with Financial Professionals: Get
to know your banker, attorney and/or financial advisor. They can help detect
changes or unusual activity that might signal problems. If someone needs help
in paying bills, consider automatic billing paying services through a bank or
hiring a bonded professional. If there is someone helping with personal finances
or bill paying, ask a trusted friend or professional to regularly review bank
and other financial statements.
Be Aware of Scams: Just say no to bogus prize offers, travel packages,
get-rich-quick schemes, and even pleas from unknown charitable or religious
organizations. In telephone solicitations, never give your social security or
credit card number over the phone.
Check Health Care Billing: Question bills or notices for services
that you do not understand. Report providers that have suspicious billing
practices and never give your Medicare or Medi-Cal number to unauthorized
providers or for "free" health care services.
Avoid Trust Mills and Annuity Salespeople: Do not attend living
trust seminars. Seek assistance from a lawyer specializing in elder estate
planning. (Contact CANHR's Lawyer Referral
Services.)
< Back
to Elder Abuse Home Page
|