Do you have elderly family or friends who are managing their own finances? Are you concerned they may become, or have been, a victim of financial exploitation? It is important to have a conversation with them to make sure they are prepared with information so that they don’t fall prey to outside predators (think phone scams) or family, a caregiver, or close friends.
According to ConsumerFinance.gov, here are 7 signs of possible financial exploitation:
- Money is missing from their account
- The person seems afraid of a relative, caregiver, or friend
- The person is reluctant to have visitors or take calls
- A relative, caregiver, friend, or someone else speaks for, or seems to be controlling the person’s decisions and money
- You notice sudden changes in their spending or savings habits
- The person is adding names on bank accounts that you do not recognize and is unwilling or unable to explain
- Beneficiaries are being updated on a will, life insurance policy, or retirement funds
I personally witnessed this situation once when I was hired to assist a family with their finances. The father had always handled the money but was suffering from dementia. The mother was ill and not capable of reviewing their financial situation. It came to my attention that one child had his own financial problems had started to steal from money from his parents. Thankfully, I was able to bring it to the attention of the other sibling to handle, and he was able to protect the finances of his parents.
If there is a need for a trusted outside source to help with financial matters, we are here to help. We can discuss ways we can work with you or your loved ones to make sure bills are paid on time and finances are protected from exploitation. We can be reached at 310-534-5577 or [email protected]. Contact us today to see what options are available.
