Elder abuse, a story of disappointment and frustration

A number of years ago, I discovered relatives (for whom I had been appointed power of attorney) had been the victims of elder abuse. Prior to the death of my mother, her youngest sister and husband asked me to accept the responsibility when it became necessary. In a strange set of events, I learned the people they hired to care for them had been systematically convincing them to sign blank checks and more. The activity started slowly, increasing following my uncle’s death. With the assistance of a local bank and attorney, we were thankfully able to bring things to an end just weeks before my aunt passed away. Unable to account for all the loss and recover some of the missing treasures, the family moved forward in disappointment.

Is elder abuse a real problem or a collection of anecdotes?

If you are reading this because you are planning for retirement, it is likely you have a family member receiving care from someone or some group. It is also likely that most who have retired will need care at some point. We cannot ignore the problem if it is real! In August 2016, Allianz Life Insurance Company of North America concluded not only is elder abuse a problem, it is worse than previously thought. The study found 40% of active and potential caregivers knew their elder had been subject to financial abuse, with the average financial loss amounting to $36,000. The guilt, depression, anxiety, and mental decline resulting from abuse are incalculable.

Learn the conduct to which your elders (or you) may be subjected.

The natural question arising from the study is, “What can be done?” The perpetrator of elder financial abuse may seek to

  • Coerce an elder to sign a deed, will, or power of attorney
  • Forge an older person’s signature
  • Promise lifelong care for far less than anyone may expect
  • Promise to make repairs to the elder’s home or vehicle
  • Acquire financial help for a friend in distress
  • Convince the elder that there is a problem with their tax return

Learn who the perpetrators might be.

  • Family members who have a substance abuse, or financial problem
  • Family members standing to inherit and feel justified in taking money now
  • Family members fearing all the money will be used up in long term care
  • Family members who have problems with the elder or siblings
  • Individuals who excessively profess their love and pity for older citizens
  • Individuals seeking employment as personal care attendants
  • Transients seeking to make repairs while in the area
  • Professionals who use their position of trust to gain compliance

Retirement planning is incomplete without elder care planning.

Our normal concept of retirement planning includes where we will live, where we will vacation, the number of hobbies we will enjoy, and perhaps the way we will spend our time in voluntary efforts or some new employment. Perhaps we will include healthcare needs along with climate and proximity to grandchildren when we make our choice of residence. Almost no one includes possible perpetrators or how to recognize scams in their preparation, but it should not be neglected. While we are nearing retirement, we need to be aware of this issue for our parents, relatives, and elders who have been a part of our lives. Awareness of elder abuse is a central part of retirement planning!