Robert’s Blog

Some months ago the headlines spoke of the conviction of Anthony Marshall for stealing from his mother, long-time New York socialite, Brooke Astor. Prior to her death in 2004 at the age of 105, Astor suffered from Alzheimers. Her son, Marshall used this ailment as an opportunity to transfer millions of dollars to himself, for his own benefit. He even had his mother change her last will to indicate that her entire estate would be left to him.

A recent study found that up to one million older Americans may be targeted yearly for financial abuse. Family members and caregivers are the culprits in fifty-five percent of all cases.

There are various forms of Elder Abuse: physical, emotional and financial. In far too many instances, the abuser is a child. One need not be a super-rich socialite to have this happen; wealth has nothing to do with it. From what I have seen, financial abuse of an elderly person comes from that feeling of “entitlement” which is so prevalent in the present generation. Even though it is clear that mom or dad is still in need of their money (indeed, it is their money), there is a panic among the adult children to get their hands on the money before “something happens”; after all, “this money is my retirement”.

Instead of doing planning with mom or dad, and an attorney and financial advisor, or, heaven forbid, maybe doing their own financial planning and exercising a little financial self control, the son or daughter will attempt to influence the elder parent into giving him or her control over their finances. Soon, checks are written to “cash”, new home furnishings arrive and, sometimes, cars are bought. I have even seen elderly people being kept in dangerously deteriorating homes, alone, so that the cost of an assisted living facility could be saved, thus giving the child more money. Meanwhile the elder parent does not get the treatment or help they need, doesn’t eat properly, can’t take their medication as prescribed and spirals down to ill health. This is nothing more than despicable and those involved should be prosecuted to the fullest extent of the law.

Financial abuse can be very difficult to detect. Here are some signs that a loved one may be the victim of this kind of abuse:

                           . The disappearance of valuable objects

                           . Withdrawals of large amounts of money, checks made out to “cash”, or low bank          

                              balances

                           . A new “best friend” and isolation from other friends and family

                           . Large credit card transactions

                           . Signatures on checks which look different

                           . A name added to a bank account or newly formed joint accounts

                           . Indication of fear of caregivers

If you suspect someone of being financially abused, there several courses of action to take:

                           . Report the crime to your county Adult Protective Services unit, or county 

                             prosecutor’s office.

                           . Contact your attorney about your state’s elder abuse statutes, which may allow you to                              obtain restitution for breach of fiduciary duties, and other relief.

Whatever you do, do not allow an elder person to fall prey to such theft. They have a right to live in dignity and to use their money to provide for their needs, as they planned.