Preventing Elder Financial Abuse

An elderly parent can grow attached to his or her caregiver and, in some cases, this attachment leaves the elderly parent vulnerable to financial manipulation by a predatory caregiver. A list of six ways adult children can help prevent an elderly parent from becoming a victim of elder financial abuse is below:

1. Adult children should anticipate that an elderly parent will feel intense loneliness if they live alone and have few social contacts. This loneliness can make the parent a sitting duck for financial abuse by ruthless caregivers.
2. Elderly parents should be encouraged to participate in social events and to make new friendships. Many resources exists that provide information about activities for elderly individuals.
3. Adult children should plan more family get-togethers so the elderly parent will have something to look forward to.
4. Increasing face-to-face contact with an elderly parent can help ward of loneliness and will allow the adult child to observe the parent’s living situation and state of mind firsthand.
5. Calling an elderly parent every day, even if it is to just “check in,” is another way adult children can keep tabs on an elderly parent.
6. Meeting with an elder physiologist can help adult children find the right approach when it comes to addressing their parents’ loneliness and vulnerability.

See Carolyn Rosenblatt, What to Do When Dad Is “In Love” With A Caregiver, Forbes, Nov. 8, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.