Seniors' money needs oversight
Liza Horvath Senior Advocate
10/26/2009
A t any given time the Monterey County District Attorney's Office is investigating or prosecuting up to 80 cases of elder abuse.
Of these cases, 90 percent are considered "financial" elder abuse and many involve a bookkeeper or other individual who was providing financial services and took the opportunity to embezzle or otherwise misappropriate funds.
Many elder financial abuse cases could be prevented with similar "double custody" procedures.
As people go through life, some of them might become uncertain about their finances. They may become forgetful and miss payments. Or they may never have had to take care of the finances and the loss of a partner forces them into the role of financial manager.
Often these individuals will employ a person to write checks and keep books. That's when opportunities for mismanagement or financial abuse can arise.
Steps can be taken to avoid the common forms of financial abuse.
(Please go to SOURCE for the full text.
Abridged
SOURCE: The Monterey Herald
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