Financial abuse of the elderly is a growing epidemic in the United States. There are many instances of financial elder abuse that go unreported, and this problem is only going to get worse as the elderly population continues to increase. This article discusses some of the signs of financial elder abuse that financial advisers should look out for so that they can properly alert their clients to the situation. There is an important list of questions this article discusses that the client should be asked to make sure they have a proper handle on their financial affairs. It is important to keep good records and that trusted responsible people are prepared to take over important fiduciary positions in the event the client passes away or become incapacitated. Financial advisers need to be on the front lines in confronting the growing problem of elder financial abuse.
See Roger Wohlner, How to Help Clients Fight Financial Elder Abuse, Investopedia, March 16, 2016.
