Elder Financial Abuse: What It Is. How To Spot It. What To Do About It.

Article by Frederick Caspersen 24 January 2007
Originally Published in the AICPA Wealth Management Insider

As Willie Sutton is famously known to have said, when explaining why he robbed banks: "That’s where the money is." It seems that a number of individuals, and some organized gangs, have realized that many single elderly persons have that in common with banks: they have money, and it is all too often available for the taking.

What Are Some Indicators of Potential Elder Financial Abuse?

A new person in the life of the elder, in which, the new person assumes an increasingly exclusive role in the elder’s life.

A change of close and long-time advisors — attorneys, financial advisors, CPAs.
The new person does not allow the elder any unaccompanied visits and shuts off phone communication.

The new person takes the elder on long, exhausting trips unlike prior travel itineraries.

The elder person is increasingly isolated from the outside world

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