(WTNH) — Franklin Drazen of CELA Drazen Law Group shares tips on ways to protect your elderly loved ones from financial fraud.
According to a new MetLife study, over 50% of financial abuse in the u-s is committed by family members, friends and care-givers.
The typical victim is a white female between the ages of 70 and 89 who is cognitively impaired and isolated. The financial abuse can take many forms, from outright theft or forgery to rerouting assets without a victim’s knowledge. For example, a son might persuade a parent to sign a Power of Attorney document, giving control of the parent’s assets to the son. The son then drains the parent’s bank accounts.
How can you recognize and prevent potential financial abuse of the elderly?
- Have a good plan in place.
- Identify the person who is your Power of Attorney and involve them before you become incapacitated
- Remember that if it seems too good to be true, it probably is.
To report elder financial abuse, contact the Department of Social Services, Protective Services for the Elderly at http://portal.ct.gov/DSS or call (888)-385-4225.