Children and friends can drain a senior’s savings: Tips to avoid financial elder abuse
By GENE MEYER
Special to The Star
Most elderly Americans don’t have any reason to worry about being swindled by the likes of Bernie Madoff. Rather, there may be more of a need to keep an eye on family — grown sons, daughters and acquaintances who could steal their life savings.
That’s the unfortunate truth. And there are signs the problem is getting worse.
Elder financial abuse costs older Americans more than $2.6 billion a year, according to the MetLife Mature Market Institute, a research arm of the MetLife insurance organization. But those are just rough estimates of obvious losses, the researchers say.
Those dollar losses often lead to further financial calamities such as credit problems, depression, suddenly unaffordable health care and the loss of independence, which push the total incalculably higher.
“Elder abuse is a tragic crime that affects our most vulnerable citizens,” says Missouri Lt. Gov. Peter Kinder, who also serves as the state’s official senior advocate.
Financial abuse also is the most prevalent abuse against older Kansans, reports state Attorney General Steve Six. More than 47 percent of the 351 adult abuse cases acted on by the department’s two-year-old Abuse Neglect and Exploitation unit involved financial abuse in some form.
A recent case involving a Shawnee couple highlights the difficulties faced by the elderly, who are often too frail and trustful of the wrong people.
Shawnee police earlier this month alleged that a couple caring for the man’s disabled father drained his retirement account and used the money on themselves to cover car payments, credit card bills and other purchases.
Police said the amount of money was between $100,000 and $500,000. It was taken from 2005 into 2008. The couple was charged with stealing and mistreatment of a dependent adult.
For help
In Missouri: Adult Protective Services, 1-800-392-0210 and the attorney general’s office, 1-800-392-8222.
In Kansas: Adult Protective Services and attorney general’s office, 1-800-922-5330.
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