Protect Your Parents - Spotting Signs of Elder Financial Abuse

Posted on July 2, 2009 by John Hugg

It’s always been important to protect family money, but with the difficult economy, it’s now more important than ever. One way to help mom and dad maintain money for their retirement, is to avoid losing it to fraud or financial abuse. Learn to recognize signs of potential abuse. Some of the signs are:

  • Changes in banking habits
  • Changes in a Will or other documents
  • Unexplained transfers of assets
  • Forged signatures on checks or other documents
  • Excessive use of ATM or credit cards

Also, review or have an attorney review any document a parent is asked to sign. Recently, a client of mine was selling a piece of land, and the buyer presented a contract with language that could actually have my client paying the buyer instead of the buyer paying the seller!
 

 

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