Recently, a retired attorney from Litchfield County, plead no contest to two counts of first degree larceny.  He was accused of embezzling millions (4.5 million dollars to be exact) from the estate of a client who was suffering from dementia.  Although we don’t hear about these cases a lot, instances of elderly financial abuse are on the rise.  In our society it is not uncommon for the elderly to fall victim to financial abuse.

Americans over the age of 55 control seventy percent of our nation’s wealth.  Many people do not realize the value of their assets and how having these assets makes them vulnerable.   Elderly financial abuse can take many different forms.  It can be as simple as taking money or property or forging a signature on a check.  Or it can be more sophisticated confidence crimes (cons) that use deception and fraud to gain the confidence of the victim.

The perpetrators of these crimes also run the gamut from family members and spouses, to unscrupulous professionals who overcharge for services and products or use their positions of trust to gain the victim’s compliance; to home “helpers” who help themselves to an elderly person’s belongings and assets.  More often than not the perpetrators of these crimes are well known to the victim.

There are several indicators that elderly financial abuse is occurring.  Be on the lookout for unpaid bills, eviction notices and notices to discontinue utilities.  Withdrawals from bank accounts and transfers between accounts that the elderly person cannot explain may also be an indication that something fishy is going on.  Belongings and property that are mysteriously missing are also good indicators.  The aforementioned indicators of abuse are just a few examples that should raise a red flag with the victim’s family or caregivers.  While some of the indicators can be explained by other causes, be on the lookout for patters that suggest a problem may be occurring.

Vigilance is the key to preventing this type of abuse.  Take advantage of direct deposit for income checks, including social security, pension and dividend checks.  Direct deposit ensures that the funds will go directly into the person’s account.  Also, encourage several family members to be involved with the elderly person and have those family members maintain close contact with the elderly person’s caregivers.  Family members should visit with the elderly person frequently at different days and times.  It is much harder to commit elderly financial abuse when there are many eyes watching.