How to Prevent Elder Financial Abuse
Plan Ahead – Be Pro Active:
- Create a Durable Power of Attorney for property.
- Create an estate plan or update your existing one.
Elder Abuse Fact Sheets – English
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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
2.
Reverse Mortgage Suitability: Points to Consider
AA reverse mortgage is a type of loan for homeowners 62 years of age or older who have considerable equity in their houses.
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.
PACE Suitability Worksheet
PACE – The Construction Loan Repayment Plan The PACE program is supposed to provide an innovative re-payment mechanism for financing energy efficient and renewable energy improvements on private property.
Reverse Mortgage Suitability Self-Evaluation Worksheet
Why use the Suitability Self-Evaluation Worksheet? The suitability of a reverse mortgage should be evaluated based on a number of factors.
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.
Annuities: Questions for Senior Consumers
Seniors should be extremely careful before purchasing an annuity. Annuities are complex financial investments. Many have high surrender penalties and can block access to ready cash for many years.
Resource Guide to Reverse Mortgages
A Reverse Mortgage is a type of loan for homeowners 62 years of age or older who have considerable equity in their houses.
Elder Financial Abuse – Other Financial Schemes
Seniors have two major fears: the fear of outliving their savings and the fear of going into a nursing home. Because of these fears, seniors have become easy targets for professional financial predators.