My practice focuses on working with individuals who experienced a challenging life event including the dissolution of a family business, leaving a long-time employer, divorce, death of a spouse, or issues related to aging, chronic illness, or cognitive health. According to a 2014 study by Allianz, 5% of seniors report having lost money to scams, sustaining average losses of $30,000.

Below is a checklist of strategies to discuss with trusted advisors and family members to lay the groundwork for a secure financial future for seniors in your family.Similarly, establishing automatic transfers of income into the senior’s checking account helps further organize their financial affairs. It is estimated that 954,000 seniors suffer from depression, anxiety, and loss of independence because of these non-financial related exploitations. The study found that, of the seniors who experienced fraud, 1.8% lost their home, 6.7% skipped medical care, and 4.2% reduced their nutritional intake due to skipping meals.
I work with clients to comprehensively addressI am a financial advisor, portfolio manager and the founder of the Shenkman Private Client Group of Oppenheimer & Co. Inc. For example, if someone cashes your pension cheque and keeps all or part of the money without your permission, or if they misuse a power of attorney to take money from your bank account for themselves, they are stealing from you. Get the latest public health information from CDC: Gerald, 73, had a stroke, which left him unable to care for himself. The process to appoint a guardian can be drawn out, complex, and expensive. In fact, a 2009 MetLife study found that 55% of all elder financial abuse is committed by family members, caretakers and friends.

Additionally, I spend much of my time working together with my client’s other trusted advisors to help facilitate and manage various tax, estate, and financial planning strategies. This equates to $69 billion in total losses for seniors alive in 2014 due to financial abuse. Gerald seemed depressed and withdrawn — not at all like the jolly, witty friend she'd known for years. Or, they're afraid if they make a report it will get back to the abuser and make the situation worse.If you think someone you know is being abused — physically, emotionally, or financially — talk with him or her when the two of you are alone. She decides she will call the police to find out how to stop the abuse without putting herself or her home in danger. One should consider appointing their accountant, attorney, and bank, in addition to a family member, to further insulate the senior from bad actors, even in one’s inner circle.Another, more secure, option is an irrevocable trust. I have facilitated over 100 symposia geared towards accountants and attorneys on various aspects of wealth management. Financial Abuse is damage to, or loss of Assets or Property. In some cases, charitable organizations soliciting donations from the elderly can qualify. Family and friends can also report it. Lately, it seems the bank balance is lower than it should be. What every older Canadian should know about: Financial abuse [PDF - 407KB] Financial abuse is the most common form of elder abuse in Canada.

They can include your spouse, son or daughter, other relative, friend, neighbour, or caregiver. These can include pressuring, forcing or tricking you into:Abusers are usually people who have a close connection to you. There is no shortage of stories about celebrities who were taken advantage of by their loved ones, including actor Mickey Rooney by his stepson, socialite Brooke Astor by her son, and comic book writer Stan Lee by his business managers.
Furthermore, it’s suspected that the number of cases of elder abuse is vastly underreported since perpetrators are primarily family members, close friends, or caretakers.It’s worth noting that this is a widespread problem that spans all income levels, with the rich and famous equally as vulnerable as the average American. The abuser is usually a spouse or partner, family member (often adult child), care-giver, friend, or a trusted person in the senior’s life. Although our law firm was not involved in this case, we’re sure it will assist our readers in understanding elder financial abuse, and how it can happen to nearly anyone. These nonprofits are generally not acting with malice. I. Profiling Abusers II. Additionally, I spend much of my time working together with my client’s other trusted advisors to help facilitate and manage various tax, estate, and financial planning strategies.