Elder Financial Abuse

How to Recognize Financial Abuse

1. Transactional Elder Financial Abuse Indicators

  • Investments in unsuitable financial products, time shares, or real property   
  • Larger than necessary loans against home equity to finance investments
  • Inappropriate banking activity such as unusually large checks or withdrawals from automated banking machines
  • Signatures on checks that do not resemble the elder’s signature
  • Legal documents signed when the elder is physically incapable of writing
  • Checks written out to “cash” being negotiated by caretakers
  • Checks signed by the senior but filled out by someone else
  • A surge of activity in accounts which have been static for years
  • Expensive gifts made by the elder
  • Checks or credit card transactions made out to direct mail or telemarketing promotions
  • Contributions going to newly formed religious or non-profit causes
  • Correspondence indicating the elder has won or will soon win a prize
  • Threatening correspondance proporting to be from the IRS or a government agency demanding immediate payment under the threat of being arrested for non-compiance


Recognizing and Reporting Elder Abuse

What is Elder Abuse?In California, elders are defined as persons 65 years and older. Under California law, elder abuse can be both civil and criminal.  California Civil law The Welfare & Institutions Code § 15610 defines elder abuse as physical abuse, neglect, financial abuse, abandonment, isolation, abduction, or other treatment resulting in harm, pain or mental suffering to an elder.

Annuity Basics

There are many types of Annuities An Annuity is a purchased insurance policy that pays a fixed amount of benefits. Most annuities are “immediate” annuities that pay fixed monthly amounts for the life of the person who is entitled to those benefits, or for a determined period of time, e.g.