Halting Elder Abuse (USA)

Halting elder abuse

Protect yourself against your greedy adult children

By Marshall Loeb, Market Watch

Oct. 28, 2009

When a New York City jury recently convicted Anthony Marshall, 85, the only child of millionaire-socialite-philanthropist Brooke Astor, of 14 counts of fraudulently squeezing huge sums out of his late mother's $180 million estate, many observers thought it was simply an isolated case of financial patricide among the super rich.

Abuse of wealthy elderly parents by their greedy adult children and other relatives is as common as sin -- so common that legal eagles have coined a name for it: elder abuse. More than 500,000 reports of such abuse against elderly Americans are sent to legal authorities every year, and millions more cases are thought to go unreported. Indeed, U.S. Senate sources estimate that only 16% of all elder abuse cases are reported.

A comprehensive survey by the MetLife Mature Market Institute concludes that financial loss by victims of elder abuse is at least $2.6 billion a year. Figuring that there are still plenty more cases to be found, district attorneys have set up their own elder abuse offices in New York, Los Angeles, San Diego, Brooklyn, Seattle and many other places.

Don't be a financial victim

Here are some thoughtful recommendations from California Advocates for Nursing Home Reform:

·         Document financial arrangements. Put all financial instructions in writing. Keep updated 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 careful of joint accounts as both parties have equal access to the money. When in doubt, contact the bank to stop payments or checks, to flag or put a hold on the account or to close an account.




(PLEASE GO TO SOURCE FOR FULL-TEXT)


Abridged


SOURCE:    Market Watch, NY, USA
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