Consumer Reports warns about financial elder abuse

KOMO News reported on the growing trend of financial elder abuse with focus on Consumer Reports recent investigations.

The message to the elderly: Even those you might trust the most–your family and friends–are the ones who are in the best position to drain bank accounts and take over real estate of vulnerable senior citizens.

Sadly, these are the types of crimes most difficult to spot, as it seems from most distant observers that someone’s family or caregiver is working in the best interest of the vulnerable elder.

Financial elder abuse is on the rise per Consumer Reports’ investigation..

Nevertheless, senior citizens are the most vulnerable for scams. From forging to pleas for a loan to abuses of power of attorney.  When someone has power of attorney, they have unfettered access to your accounts. Someone who misuses those powers can decimate financial accounts, leaving them with virtually nothing.

To help prevent elder abuse:

  • Have bank and investment statements sent to a person you trust to monitor accounts.
  • Arrange for direct deposit and automatic bill pay.
  • Consult a reputable elder law attorney for advice on wills and limiting power of attorney.

Consumer Reports says there are good places to get help if you or an elderly relative is concerned about financial abuse, including the National Center on Elder Abuse, which has links to help and hotlines.

You can also get help for elders dealing with Alzheimer’s Disease or other memory loss issues, from the local Alzheimer’s Association.

About Kevin
Kevin Coluccio was recently named one of the Top 10 Super Lawyers in Washington State. He has long history of successful elder abuse/neglect cases and has a stellar reputation for getting results for his injury clients in serious car crashes, pedestrian accidents, trucking accidents, maritime claims, and asbestos injury cases.