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Any Charges Reported on this blog are Merely Accusations and the Defendants are Presumed Innocent Unless and Until Proven Guilty, through the courts.

January 27, 2014

Survey: Half of Delhi's Elderly Would 'Sue Their Children' If They Faced Abuse (INDIA)

By HEENA KAUSAR
24 January 2014

Fifty per cent of the Delhi's senior citizens are willing to take their children to courts if they face abuse at their hands, according to a recent DU study.
A majority of them, however, maintained that they will prefer to sort out the issues within the family.
Conducted by Professor NK Chadha and Assistant Professor Sarabjit Kaur Sran, the study revealed 86 per cent of the surveyed people found it difficult to approach the police and courts due to their "insensitive nature".
A mere 30 per cent were aware about the Maintenance and Welfare of Parents and Senior Citizens Act and its benefits.
While 90 per cent of the respondents said they have come across an elder abuse case, none of them have ever come across anyone who benefitted from the Act.
According to the study, the Act was seen an attack on the traditional Indian family system by 96.67 per cent of the citizens.
As per the Act, tribunals are empowered to fix a monthly maintenance allowance up to Rs 10,000.
Failures can lead to a fine up to Rs 5,000, or threemonth jail, or both.
"As many as 75 per cent of the surveyed people said the reasons for children not taking care of their parent are change in the social fabric, influence of western culture and increase in individualistic approach towards life," Chadha said.
One of the reasons why cases of abuse go unreported is because parents do not want to go against their children.
"Ninety eight per cent of the elderly who face abuse do not file any complaints against their perpetrators as they are not aware of their rights or are unable to communicate their plight due to their poor physical condition," he said.

 A total of 300 respondents had participated in the survey.
Three age groups – (60- 80 years), (30-45 years) and (18-22 years) – consisting of 100 respondents each participated in the exercise

SOURCE:       The Daily Mail, UK
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Elder Fraud: One Woman's Story, A Nationwide Epidemic (USA)

January 27, 2014
By:Lizz Schumer 

CHICAGO — Rosalind “Joy” Walker died without her daughter or grandchildren by her side. The Alzheimer’s patient had been a victim of elder fraud, in which the woman’s attorney, Janet Colton, next-door neighbor Joanne Turner and Betty Miller, a supermarket clerk, had conspired to obtain power of attorney and guardianship of the elderly woman, estranging her from her daughter, Glynnis Walker.

After learning about fraud against the older, more vulnerable segment of the population and the legal system, through her own personal experience, Walker wrote “Stealing Joy: A True Story of Elder Abuse and Fraud” to illuminate the risk and ruin of what she said has become a national epidemic.

“These seemingly everyday people were the ones who targeted my family. During their association with my mother, they abused her – psychologically, emotionally and financially, isolated her from her family, defrauded her, changed her will, stole her identity and mine,” Walker said. “In the end, they arranged for her death.”

The Older Americans Act of 2006 calls elder abuse “exploitation,” and defines it as “the fraudulent or otherwise illegal, unauthorized or improper act or process of an individual, including a caregiver or fiduciary, who uses the resources of an older individual [generally accepted as anyone over 60] for monetary or personal benefit, profit or gain or that results in depriving an older individual of rightful access to or use of, benefits, resources, belongings or assets.”

In 2011, the last recorded statistic, victims of elder fraud lost more than $2.9 billion in the United States alone. This was an increase of 12 percent over 2008. In spite of the frequency of the crime, with one in 20 older adult’s indicating that they have been victims of financial abuse in the recent past, only one in 44 cases of elder financial abuse is ever reported.

“It’s like years ago, when child abuse was a topic no one talked about,” Walker explained. “It’s not like it wasn’t happening; it just wasn’t being talked about. Elder abuse is like that, now. When people are older, they often don’t have a family or are far away from that family. They’re vulnerable, just like little kids, and we have to fight for all of them.”

Springville Concord Elder Network-SCENe:
For more information about the Springville Concord Elder Network contact: SCENe at 592-7599 or Ginny Krebs at 592-9885.

Abridged
SOURCE:     The Springville Journal
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January 22, 2014

Elderly In villages suffer More Abuse (INDIA)

Elderly in villages suffer more abuse
Swati Shinde Gole, TNN
Jan 20, 2014

PUNE: Abuse is one of the most common problems faced by the elderly (60+ years) in the state, says a study done by the Tata Institute of Social Sciences (TISS) and the United Nations Population Fund.
The survey, conducted on a sample of 1,435 elderly men and women above 60 years of age, concluded that the number is higher in rural areas when compared with cities and towns. The elderly were subjected to different kinds of abuse including physical, verbal, economic, disrespect and neglect.
A similar study was conducted by the two groups in six other states namely Kerala, Tamil Nadu, Himachal Pradesh, Punjab, Odisha and West Bengal.
The study was conducted in Kerala, Tamil Nadu, Maharashtra, Himachal Pradesh, Punjab, Odisha and West Bengal, which are the most populated states for elderly in the country. While the reports of Punjab and Kerala were released in December, the Maharashtra report was released on January 16 in Mumbai at TISS.
One of the findings of the report that worried most experts was that the prevalence of elderly abuse in Maharashtra is triple that of pooled estimate of the elderly surveyed in the six other states.
The report also suggests that the prevalence of abuse was relatively higher among older elderly (80+) and those with low education and poor economic status.
S Siva Raju, dean of School of Development Studies, TISS, who was part of the study, said, "Sensitization of families and persons from other age groups (in schools/colleges) in order to prevent discrimination and abuse of the elderly is necessary. There is also a need to encourage the identification of elderly found to be facing abuse and plan interventions to handle such situations."
The study aims to give an outline of socio-economic and health status of the elderly in the state. It also provides an idea about the extent of their interaction and their status within the family and the society. The collaborating institutes would be using this evidence-based knowledge to work with elderly in the seven states.
Frederika Meijer, country representative of UNFPA said, "The statistics on elder abuse are worrisome for the state. An immediate solution could be to make sure the youth are educated about respecting the elders and that a constant contact between the youth and the elderly is created through events."
While verbal abuse was the most common, the perpetrators were either family members or outsiders. Women were more likely to face abuse meted out by the family and face more disrespect and neglect from outsiders.
G Giridhar, another UNFPA representative and a member of the study team, said, "The situation of elderly in India is so bad that living longer is adding to more problems. If youngsters are at a risk of dying, the older are at a risk of living. In order to eradicate abuse of the elderly, there is a need to create positive image of elderly through active involvement of political leaders, NGOs, community events and bringing generations together."
Sujaya Krishnan, joint secretary of the Union Ministry of Health Family Welfare, who was present during the release of the report, said, "Special attention would be given to issues of women that have been highlighted in this report. The issues that have been raised of the elderly will also be looked into and appropriate steps would be taken to aid this vulnerable population."

SOURCE:    Times of India

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Doormen On Front Lines Fighting Elder Abuse (NY, USA)

22 January, 2014

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December 2, 2013

The Elderly Are At Risk of Being Financially Abused - By Their Children

By Philomena Horsley
2 December, 2013

Australians are living longer and living richer than at any time. While some older people are enjoying their wealth - travelling the world, their luggage broadcasting that they are ''spending their children's inheritance'' - others live in aged care facilities, with their children keeping their eyes peeled on the ''Bank of Mum and Dad''.
As economic conditions worsen, this second group is at greater risk than ever of being financially abused. And research has found that adult children, particularly sons, are the most common perpetrators.
State Trustees Victoria has recorded a spike in the numbers of older Victorians who are financially abused as well as the amount of money involved. A research paper it commissioned, management of older Victorians' found that women over the age of 80 are most at risk of financial elder abuse, often by someone in a position of trust - their children.
Children with ''early inheritance syndrome'' feel a sense of entitlement to their parents' assets. They are not prepared to wait until their parents die. These impatient children seek ways for their parents to ''gift'' them money, or interfere in the management of their parents' assets to protect what they see as their entitlement.
Financial elder abuse involves taking or misusing an older person's money, property or assets. It also includes persuading an older person to change their will through deception or undue influence.
Financial elder abuse may begin with the best intentions - with an elderly parent asking a child to act as their power of attorney and thereby manage their finances. This can quickly progress to a sense of entitlement, particularly when adult children have mortgages or debts. They often justify their actions by saying: ''Mum doesn't need money now, and it's going to be mine anyway.''
Studies confirm that financial abuse is the most common, and fastest-growing, type of abuse of older people. The most vulnerable include those with diminished capacity due to dementia and depression, and older people who rely on others to manage their finances. However, there is little reliable data on its extent. It is often a silent crime - unreported, unacknowledged.
Earlier this year the banking industry tried to raise awareness of financial elder abuse by announcing initiatives to help prevent this silent crime. But like all silent crimes perpetrated mostly on women - domestic violence, sexual assault, bullying - financial abuse will be difficult to police.
Children with early inheritance syndrome often make ageist and sexist assumptions that devalue the rights of their elderly parents. A common one is that older people, particularly women who have not been the family's breadwinner, find discussions about financial issues complex and stressful. Not only is this patronising but also it disempowers older women. Another is that having a large amount of money does not improve an older person's quality of life. Most of us take comfort in the security of having savings. Why would older people be any different? The generation that experienced the Depression may take even more comfort from having a safety net than their children.
The third assumption is that a parent is no worse off after gifting money to their children. This is absurd. The less money they have, the less able they are to make decisions about how their money is spent.
Reducing an older person's income also reduces fees at an aged care facility - helpful for beneficiaries, but older people may appreciate the care they receive from staff at the facility. They may feel an aged care facility that provides daily care deserves their money more than children who visit infrequently with flowers and chocolates.
The final assumption is that an older person's current will is their final one. Most people change their wills throughout their lives as circumstances change. Why would older people be different? After spending several years in an aged care facility, parents may change their mind about who should receive their money. They may once have wanted their assets shared equally among their children. But later in life, when their children are financially secure, some older people may prefer to give money to Doctors without Borders, The Lost Dogs Home, or even a kind nurse at the aged care facility. This is surely their decision, not their children's.
As the vulnerability of older people increases, their dependence on family members also increases. Often they do not want to say ''No" to their children's requests for money or asset transfers for fear of upsetting these relationships. Sadly, at a time when they most need their children's love and support, the love of money can trump a person's love for mum or dad.
Dr Philomena Horsley is a research associate at Research Matters in Melbourne.


SOURCE:     The AGE
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Age-Friendly Seniors Project Gets Funding Boost


BY TERRENCE MCEACHERN
LEADER-POST
NOVEMBER 30, 2013

As our population continues to get older, so too is the desire to get elderly people more active in the community and raise awareness about elder abuse and ageism.
"As they age and no longer go to work, people sometimes get the impression that their best-before date has passed, and we don't need to pay any attention to them or include them in things that are happening in the community," said Kerrie Strathy, division head at the University of Regina's Lifelong Learning Centre. "But in an age-friendly community, there will be opportunities for older adults to remain active through social and recreational programs (and) volunteer activities," she added.
"This initiative is based on the knowledge that older adults in Regina have a wide range of skills and abilities to offer their community."
On Friday, the centre's Age-Friendly Community Project received $24,750 in funding from Richmond MP Alice Wong, minister of state for seniors.
By having elderly people engaged in the community through social and volunteer activities, the goal is to help improve their health and well-being and deal with issues such as isolation and lack of opportunities. As well, the project aims to raise awareness about elderly abuse and try to eliminate ageism by bringing young adults and elderly people together.
"We're hoping that by younger people working together with older people they can eliminate the myths of ageism from both ends and everyone will be in a stronger position in the community," said Wong.
The one-year project ends in April. Moving forward, Strathy said she would like to funding continue and issues such as better sidewalks and housing available for seniors be addressed.
"I think (Regina) City Council has heard some of these issues before, but to make sure that they really do come across clearly. So, when the city is planning what it is going to do, both in terms of infrastructure repair but also looking at new (construction), that it takes into consideration things that will make it easy for people to get around," she said.

SOURCE:        The Leader Post
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November 20, 2013

Organization Wants To Stamp Out Elder Abuse


Cherokee Triad - S.A.L.T. will hold an information session on elder abuse on Thursday in Woodstock.
 by Kristal Dixon (Editor)
November 18, 2013
An organization dedicated to advocating for Cherokee County's senior citizens will touch on an issue that's often overlooked by the public.

Cherokee Triad - S.A.L.T. will hold an information session and discussion on elder abuse at 1 p.m. Thursday at the William G. Long Senior Center in Woodstock.

Alice Irving, a member of the organization's board, said a representative from the Canton Police Department will speak on the topic. The event is designed to target not only senior citizens, but also adults children of seniors.

The session will go over the warning signs of elder abuse, which can encompass emotional, physical or financial abuse, and discuss what can be done to stop the abuse.
"Most people don't realize this occurs," she said of elder abuse. "We hear a lot about child abuse, but often elderly abuse is something that's swept underneath the rug."
The event is free and open to the public.
Cherokee Triad - S.A.L.T., or Seniors and Law Enforcement Together, is a collaborative effort among local public safety agencies and other organizations that work to educate and inform older residents about resources that can help them live a better quality of life.

SOURCE:      The Woodstock Patch
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Hebrew Home At Riverdale Celebrates Advocacy Award

November 18, 2013
By Daniel Reingold

The Hebrew Home at Riverdale received the 2013 Outstanding Advocacy Award from LeadingAge at its national conference in Dallas last month. I had the honor of accepting the award on behalf of the organization. This award, which recognizes our leadership role in the field of elder abuse prevention for the past decade, meant a lot to us.
The Harry and Jeanette Weinberg Center for Elder Abuse Prevention at the Hebrew Home is dedicated to helping elder abuse victims in many ways, from providing emergency shelter to educating the community to advocating on Capitol Hill and on the state and local levels.  We are facing a national epidemic – and it will only increase as the Baby Boomer population ages.  We must take action and never stop advocating for those who cannot.
The Hebrew Home at Riverdale successfully advocated both the US Department of Housing and Urban Development and the New York State Department of Health to expand and alter their policies to prioritize senior housing applicants who are victims of elder abuse. As a result of this unwavering advocacy, we secured state funding to open The Terrace, an assisted living program on our Riverdale campus. Today, we offer long-term housing for elder abuse victims in a comfortable, home-like environment that provides healthcare, social opportunity and a safe place to call home. For some, this safety is a first in their lives.
On the federal level, the Hebrew Home advocated for HUD to permit elder abuse victims to have priority admission to our federally subsidized  low-income 202 apartment building, Hudson House. Hudson House provides apartments with amenities – close proximity to shops, nicely decorated living space and a built-in social system.
While attending the Dallas conference, I sat in the auditorium, watching the photo montage and video before accepting this award.  Each image provided a glimpse into our work and the people in our care. The photo of a woman getting her blood pressure checked. The video of another woman surrounded by the smiling and reassuring faces of our staff. Photos of elected officials visiting the Hebrew Home and learning of our mission. All of these images were gratifying and inspirational. Every day, the Hebrew Home, and the staff of the Weinberg Center, advocates.  We speak up. We take action. Ultimately, we make a difference.
I am so proud of our accomplishments, but the fight is far from over.  Our greatest hope with the receipt of this award is that long term care organizations throughout our nation will replicate our successful shelter model so that together, we can help end elder abuse.  Older Americans deserve our collective commitment.
(Daniel Reingold is the president and CEO at Hebrew Home at Riverdale.)

SOURCE:      McKnights
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Senior Victim To Valued Friend

November 16, 2013
By JAN SKUTCH

Eliot Karasick is a retired Wall Street executive who moved to The Landings in 2000 with a big heart for those less blessed.
When he hired Amy Lynn Lee as a housekeeper, he thought he had found a valued friend, someone he treated like a family member.
By the time Karasick caught on, Lee had defrauded him out of more than a quarter of a million dollars, including a four-bedroom home in Pooler and a new Toyota Camry.
“I was disappointed,” Karasick, 88, said. “I couldn’t believe how any human being could do that to another human being.”
For Assistant District Attorney Shalena Cook Jones, Karasick represented a common denominator for a large portion of the more than 75 elder-abuse cases she carries as part of her caseload at any time as District Attorney Meg Heap’s elder-abuse prosecutor.
“Really, there’s so much back story to these cases,” Jones said.
She understood Karasick’s plight and moved to address it. Working with Savannah-Chatham police financial crimes detective Raymond Woodberry, Jones took an 11-count indictment to Chatham County Superior Court Judge Penny Haas Freesemann, got Lee to admit her actions and recovered a large portion of Karasik’s lost assets.
In many cases, such as Karasick’s, the issue is financial fraud or similar circumstances.
Other cases of elder abuse may involve neglect, physical violence or even death. Frequently, the person committing the abuse will be a family member, many of whom are motivated simply by greed, Jones said.
The whole area of elder abuse crimes is a fairly new one in the law and one that is still developing, Jones said.
“Elder abuse confounds people. We still don’t know what we are looking at,” she said.
“It’s much deeper than I expected.”
Point prosecutor
A prosecutor by trade, Jones acknowledges she remains “more of a social worker than anything else.”
Part of her challenge is that of community education concerning a problem that may elude much of the public’s understanding. That involves public appearances before business and professional groups.
“People don’t get elder abuse,” Jones, 36, said. “Elder abuse is wrong.
“I don’t believe it is right to hit, abuse, demean or attack people because they are women or children or patients in a mental health facility or elderly. That’s what keeps me doing this work.”
Jones, who balances her job with a husband and two children at home, rejects the burnout potential from her caseload.
“What I am thinking about is getting better,” she said.
Heap, the district attorney, is on the same page as Jones.
“Elder abuse is the fastest growing crime in the United States, and unfortunately Savannah is experiencing these crimes as well,” Heap said. “As district attorney I believe it is my duty to protect to the best of my ability our seniors and disabled adults.”
She praised Jones as “an experienced and passionate prosecutor who will work with the police to bring justice to those who have been victimized.”
When Heap resurrected the elder abuse position in January, she turned to Jones as her lead prosecutor.
Jones had been the office’s lead domestic abuse prosecutor in State Court before moving to Superior Court in August 2012. There she took on a share of elder abuse cases. In her new role, Jones still carries another 75 domestic violence cases at any one time.
With Karasick, Jones was faced the potential problem that no one would believe he was the victim of his caretaker.
“The process starts way before the crime ever begins,” Jones said. “It is a slow burning, building type of thing.”
Her immediate challenge was to amend the existing indictment against Lee as Karasick was dealing with health issues, partly because of stress from the case.
Jones calls it “kicking it into high gear. This is how we want to handle these cases going forward.”
Concerned for self, too
Karasick moved to a home at The Landings in early 2000 after he retired from a Wall Street career in stocks.
Lee started to work for Karasick as a housekeeper in 2008, helping him to deal with his wife’s aging issues and to maintain his home.
“She paid a lot of attention to me,” he said. Karasick he always — “by nature” — has compassion for those with less.
“I was concerned for her as a human being,” he said. “… She had me really fooled.”
With time he became increasingly dependent on Lee and increasingly drawn in by her tales of woe about domestic problems and hard times.
And by her 14-year-old daughter, who called him “grandpa.”
“I was a sitting duck for her (Lee) because I felt sorry for her.”
“But, I was concerned for myself too,” he said, noting that he increasingly relied on Lee.
Because she allegedly had no place to stay, he located a $400,000 home in Pooler he could get for $200,000 and loaned her the money with an agreement she would pay rent.
When her old Volkswagen fell apart, he went with her to shop for a new car, a 2012 Toyota Camry Sports Model. He would help her pay for it, including a $10,000 gift to cut costs.
When he moved to the Marshes on Skidaway Island, he offered to allow her to move temporarily into his Landings residence, then on the market. She declined, he said.
He even left the Pooler home at 306 Village Green Lakes to Lee in his will, Karasick said.
“I had so much,” Karasick said. “She had so little or nothing. She’s like an adopted child.”
The bottom dropped out when Karasick needed a hip replacement in December 2011. Lee volunteered to spend the first night at the hospital with him.
Before he was wheeled into surgery, he gave Lee his wallet for safe keeping. Within minutes, she was off on a three-day spending spree with his credit cards, including Sam’s, Target and Kroger.
He did not discover that until later when he reviewed his credit card statements.
Her greed extended to creating two $300 checks to herself, which she cashed at a bank without any signature, he said.
“I didn’t know that she was a thief,” he said.
Concerns initially dismissed
When he went to a lawyer about possible legal action against Lee, Karasick said the response was, “I wouldn’t bother. This happens many times a day. … You’re just asking for a lot of heartaches.”
Karasick said he initially took that advice but after realizing the depth of Lee’s fraud, “I got really angry. I wanted to do something about it.”
That got him to Detective Woodberry and ultimately to Jones in the prosecutor’s office.
“We talked constantly,” Karasick said. “She called me her coach. … If it hadn’t of been for her, I don’t know what would have happened.”
At the end, Lee, 44, chose to plead guilty as part of a negotiated plea to three counts of identity fraud, three counts of forgery and single counts of elder exploitation and theft by taking.
Her sentence: 10 years in prison with 30 days to serve and the balance probated.
Special conditions of probation bar Lee from having any contact with Karasick or his family members and requires that Lee:
• May not be primary care giver or manage the finances of anyone over 65 years old who is not related to her.
• Vacate the home at 306 Village Green Lakes in Pooler and return title and ownership to Karasick.
• Sign title to the 2012 Toyota Camry over to Karasick.
• Make restitution of $6,500 or the cost of outstanding home owner’s association fees on the Pooler property.
Because the plea was entered under the First Offender Act, adjudication of guilt was withheld. If Lee successfully completes her probation, no conviction will follow her.
In the end, Karasick said he was satisfied.
“She has nothing else to give except her life. By taking that, what do I gain?”
To have forced the case to trial could have meant Lee’s teenage daughter would have been caught up in it, a result he did not want.
“I was terribly angry but not angry enough to do anything stupid to hurt her or her child.”
SHALENA COOK JONES
Age: 36
Title: Chatham County Assistant District Attorney
Hometown: Brooklyn, N.Y.
Education: Bachelor of Arts, Spelman College, Atlanta, (1999), University of Georgia School of Law (2002), Member Henry Lumpkin Inn of Court and Order of Barristers
Professional experience: Chatham County assistant district attorney (2010-13); attorney, U.S. Attorney’s Office, Western District of Texas (2009-10); private practice, Law Offices of Shalena Cook Jones (2008-09); senior associate, Cruser & Mitchell LLP (2005-08)
Achievements: President-elect of the Port City Bar Association, Chair Chatham County SALT (Seniors and Law Enforcement Together) and Multi-Disciplinary Team on Elder Abuse, member of the Savannah Council on Aging, certified ACT specialist qualified to instruct law enforcement, social agencies and community members on crimes involving at-risk adults.
IF YOU NEED HELP
The law provides that a person who suspects elder abuse of any kind should contact Adult Protective Services at 1-866-55-AGING (1-866-552-4464).
Or you may contact your local police agency to make a crime report.
Source: Shalena Cook Jones
TO LEARN MORE ABOUT ELDER ABUSE, GO TO:
helpguide.org/mental/elder_abuse_physical_emotional_sexual_neglect.htm
ncea.aoa.gov
nccafv.org/state_elder_abuse_hotlines.htm

SOURCE:        Savannah Now
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Take Steps To Safeguard Finances For The Elderly

Prevent exploitation by knowing of friend’s or relative’s situation and keeping good records.

BY CLAUDIA BUCK
THE SACRAMENTO BEE
November 16, 2013

It started when an alert broker called to let Alan Sims know that $3,360 was being withdrawn weekly from his 103-year-old friend’s brokerage account. Turns out that a live-in caretaker was padding her hourly wages, writing checks of varying amounts that could have pushed her annual salary to more than $165,000 a year.
Sims, executor of his elderly friend’s estate, and her attorney had to step in and confront the caregiver, who was immediately fired.
“It was devastating,” said Sims, recalling the events eight years later. “Not only the amount of money that was taken, but the trust that was broken.”
Sadly, it’s not unusual. Every year, thousands of examples of financial abuse of the elderly occur, often at the hands of friends, family or caregivers. In 2010, the annual amount of losses due to financial exploitation of seniors was estimated at $2.9 billion, according to a study by the MetLife Mature Market Institute and the National Committee for the Prevention of Elder Abuse.
“Unfortunately, it’s a lot more common than we like to think,” said Marylou Robken, a Carmichael, Calif., CPA who has worked as a forensic investigator on dozens of elderly abuse cases in the past 15 years. “So many elderly people are isolated, and they may not even know that something’s wrong.”
Certainly, financial exploitation of seniors is nothing new. In recent years, local, state and national organizations have attacked the problem on numerous fronts, encouraging more awareness, better reporting and stiffer penalties.
Plenty of older Americans are more than capable of handling their own affairs and value their independence. But for many, “admitting that we can no longer manage our financial affairs can be as traumatic as having to give up driving,” noted Eleanor Blayney, consumer advocate for the Certified Financial Planner Board in Washington, D.C.
GETTING HELP
An estimated 50 million-plus U.S. residents are 62 and older. As cognitive abilities fade or health issues intervene, it’s a given that many of us will be — or already are — picking up the financial reins for aging parents, family, friends or neighbors.
That role is what’s known as being a fiduciary, someone who puts another person’s best interests above their own. It takes many forms. It could be a daughter who has power of attorney for financial or medical decisions on a parent’s behalf. It could be a trusted friend who’s the designated receiver of veteran’s or Social Security benefits for someone unable to do banking. It could be the trustee named to manage assets in a person’s living trust.
KEEP GOOD RECORDS
Fiduciaries are expected to act in the other person’s best interest, manage the finances carefully and maintain good records.
Keep a detailed list or a file of all money you receive or spend. Include the date, amount and purpose of checks paid or deposited, as well as names of people/companies involved. Keep receipts and notes, even for small expenses. For example, write on the receipt: “$50, groceries, AllBrands Grocery Store, May 2.”
After Sims was given power of attorney for the financial affairs of his 103-year-old friend, for instance, he maintained a written journal and took meticulous notes of every financial transaction he made on her behalf. Also, checkbooks and other financial documents were safely put away where they weren’t accessible to caregivers.
AVOID CONFLICTS
No matter what kind of fiduciary role you’re taking, it’s imperative to keep the senior’s money separate from your own, the Consumer Financial Protection Bureau says. For instance, it might be OK to buy a car with the senior’s funds to drive to doctors’ appointments or to do banking, but if you’re using the vehicle mainly for personal use, that could be a conflict of interest. Same with paying your relatives to do work at the senior’s home or apartment.
GET SIGNED UP
No matter our age, all of us should designate someone to act on our behalf, in the event we’re incapacitated due to illness or other impairments. Some financial advisers recommend that anyone reaching 18 or college age should fill out a power-of-attorney document for financial or health care reasons.
REPORT FINANCIAL ABUSE
In a 2012 national survey of certified financial planners, more than half — 56 percent — said they’d worked with older clients who were victims of “unfair, deceptive or abusive” financial practices. In its new guide, “Financial Self-Defense for Seniors,” the financial planner board outlines 10 common financial frauds that may entrap seniors, such as “free lunch” seminars or inappropriate investments.
According to the board’s survey, only 5 percent of seniors report financial abuse, either due to embarrassment, fear of naming the perpetrator or uncertainty about exactly what occurred.

SOURCE:     The Idaho Statesman
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Any Charges Reported on this blog are Merely Accusations and the Defendants are Presumed Innocent Unless and Until Proven Guilty.

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