Dealing with suspected financial abuse

The January 2013 issue of Consumer Reports contains an outstanding article entitled Protecting Mom & Dad’s Money: What to do when you suspect financial abuse.

Here is a list of warning signs from the article:

• Unpaid bills when someone else has been designated to make payments.

• Missing property, large or unexplained withdrawals from bank accounts, or transfers between accounts.

• Excessively large reimbursements or “gifts” to caregivers or friends.

• New authorized signers on a person’s bank account.

• Changes in banks or attorneys.

• Bank statements and canceled checks no longer coming to the person’s home.

• Unfamiliar signatures on checks and other documents.

• Changes in spending patterns, such as purchases of items the senior doesn’t need.

• Lack of personal amenities such as clean clothes and grooming items.

• Changes in documents such as a will or power of attorney, or a change in beneficiaries that the senior can’t completely explain or comprehend.

• Excessive interest in the senior’s finances by a caregiver, friend, or relative.