Elder financial abuse often a family matter
Posted on 16 July 2009
By Mark Miller
Permanent URL of this article: http://retirementrevised.com/money/elder-family-abuse-often-a-family-matter
Cases of elder financial abuse often are perpetrated by family, friends, neighbors and caregivers, reports Michelle Singletary, columnist at The Washington Post. Singletary reports here on a recent report from the MetLife Mature Market Institute, “Broken Trust: Elders, Family, and Finances.” According to the report, 55 percent of financial fraud on elders is committed by someone the victim knows, with annual financial loss estimated to be at least $2.6 billion.
July 16th, 2009 at 5:56 pm
Students of elder financial abuse know that these statistics are blatantly false. Most family members will take better care of aging parents than non-family members. Attorneys and professional conservators/guardians are more often the perpetrators of elder financial abuse. They use any disagreement between family members as an excuse to persuade judges to appoint them so they and their attorneys can loot the elder’s estate with the court’s sanction.
August 17th, 2009 at 2:04 pm
I agree with Ms. Alvillar that some professional conservators and their attorneys work the system to churn the estate of vulnerable elders, and some judges rubber-stamp these cases because no one objects. But it is also true that most financial abuse is perpetrated by family members. The reason: Family members have the easiest access to their vulnerable parents. Friends and neighbors who suspect abuse are often reluctant to get involved in “family matters”.
November 17th, 2009 at 1:26 pm
My sister, a geriatric nurse, is currently subjecting our 88 year old mother to elder financial abuse. Our mother, whose memory is failing, has limited income and refuses to spend any money on herself. She says that she does not need to save any money for potential care, so my sister is doing her best to drain our mother’s bank accounts. When approached about this exploitation, my sister pretended to mend her ways by seeking credit counselor advice but her unethical behavior continues. My siblings do not want to report my sister to the Elder Financial Abuse Hotline but I cannot sleep at night knowing that she is continuing this behavior and potentially subjecting others to it. Family exploitation of the elderly is very real and very frustrating.
November 20th, 2009 at 2:47 pm
My brother has stolen at least $20K (probably over $30K) from my mother. I’m unable to intervene unless I’m assured he will be incarcerated or found out by someone else. Otherwise, since he lives in the same house with her, it’ll be hell on Earth if I interfere. On top of the theft, he is committing other crimes on the side. He will also inherit the house and yet is setting me up to pay for the funeral. I have no choice but to leave the family and he’ll have no way to bury her. It’s tragic.