• Cashing an elderly person’s checks without authorization or permission
• Forging an older person’s signature
• Misuse or theft of an older person’s money or possessions
• Deceiving or coercing an older person into signing any document, such as a contract, will, title, etc.
• Telemarketing scams. This can involve making exaggerated claims about investment returns, scare tactics and other fraudulent acts to get seniors to send the perpetrator money or credit card information
• The improper use of conservatorship or power of attorney

It is estimated that every year some five million seniors fall victim to financial elder abuse. The number of victims may well be considerably higher. Many seniors are unaware that the financial abuse is taking place, while others are unwilling to report it out of embarrassment or fear for their safety.

Maybe you suspect that an elderly family member or loved one is being subjected to some form of financial abuse but are not sure. Here are a few signs to look for:

• Sudden changes in bank account balances or banking practices, particularly unexplained withdrawal of large sums of money when the older person is accompanied by another individual
• Additional names being included on bank signature cards
• Unauthorized withdrawal of the elder’s funds using his or her ATM card
• Sudden changes to a will, trust, power of attorney, or other financial document
• Disappearance of funds or valuable possessions that the elder person can’t explain or refuses to discuss (perhaps out of fear)
• The elder person receives substandard care or accumulates unpaid bills even though adequate financial resources are available
• Discovery of a forged signature for financial transactions or the titles of the elder person’s possessions
• Sudden appearance of previously uninvolved relatives who claim to have rights to the elder person’s affairs and possessions
• Sudden transfer of assets to a family member or someone outside the family that the elder person can’t or won’t explain
• Provision of services to an elder person that do not seem to be necessary

Sadly, financial elder abuse is often perpetrated by the senior’s own family, including sons, daughters, grandchildren and spouses. Abusers also include predators, such as people professing to have fallen in love with the elderly person or marketing themselves as personal caretakers. Unscrupulous professionals and business owners often take advantage of the elderly by charging more for services, recommending unnecessary services or taking money up front for services that are never provided.

Click here to learn more about financial elder abuse.

The post What You Need To Know About Financial Elder Abuse appeared first on Estate Planning Law Center.

The Social Security Administration has issued a warning about scammers who pose as employees of the agency in an attempt to gather personal information about seniors. In one such scam, a senior receives a phone call with a recorded message claiming that his or her Social Security number has been suspended for suspicious illegal activity. The message provides a phone number that the person must call to rectify the problem and to prevent his or her assets from being frozen. The victim calling the number will be asked to provide personal information, which can then be used to steal his or her identity.

In a similar scam, a “live” caller claims to work for the Social Security Administration and asks the victim to verify information such as his or her Social Security number, address and birthdate. Again, this information can be used to steal one’s identity or for other nefarious purposes.

According to the Social Security Administration, people should never provide personal information online or over the phone unless they are absolutely certain about the identity of the person who has contacted them. If you have questions regarding an email, phone call, text message or other form of communication from someone claiming to work for the Social Security Administration, you can find out if it is legitimate by contacting any Social Security office or calling the agency’s toll-free number, 800-772-1213.

The post Beware of these two scams targeting seniors appeared first on Estate Planning Law Center.