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How to Recognize Signs of Financial Abuse
Financial Transaction Indicators:
- Lost or stolen personal belongings of a person in a care facility.
- Family or legal representative's failure to pay for services in home
or in care facilities or for frequently being late in payments.
- Failure of family or legal representative to provide for personal needs
of elder in care home, e.g., no funds for clothes, hair care, personal
hygiene items, etc.
- Unusual activity in bank accounts, e.g., sudden withdrawals of large
sums, withdrawals from automated banking machines when the elder is homebound.
- Signature on checks that does not resemble the elder's signature.
- Frequent checks written to cash, especially to the person who is caregiver.
- Withdrawals from a checking or savings account that has not been used
in years.
- Reports of stolen or misplaced social security, pension or annuity
checks.
- Loans against equity in property or life insurance policies.
- Frequent checks or credit card payments to telemarketing promotions.
Legal Document Indicators:
- Missing important documents like a will or stocks, bonds, mutual funds
or CDs.
- Change of title on bank accounts, property or automobile or change
of beneficiary status on bank or brokerage accounts or life insurance
policies.
- New will or change in will, creation of Power of Attorney for Finances
or property transfers when person lacks capacity to make decisions.
- Promises of life-long care in exchange for deeding property and liquid
assets to caregiver.
Life-Style Change Indicators:
- Personal property missing such as wedding or engagement rings, jewelry,
silverware, art, antiques or family heirlooms.
- Lack of basic amenities, e.g., personal grooming items, appropriate
clothing, etc., when elder has adequate funds.
- Utilities or telephone disconnected.
Relationship Indicators:
- New acquaintances, particularly those who move in with the elder.
- Caregiver preoccupation with the amount of money being expended for
care.
- Refusal or reluctance of family or legal representative to spend money
on care.
- Long lost relatives appearing to express concern about elder who has
savings and a home.
- Caregiver or provider tries to isolate elder from friends, family and
neighbors.
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