WHAT IS THE DEFINITION
- Use or acquisition of an elder's money or assets contrary to the elder's wishes, needs or best interests.
- For the abuser's personal gain.
- Reasonably knowing that the victim is an elder or dependant adult.
WHAT ARE THE KINDS OF FINANCIAL EXPLOITATION?
- Fradulent changes in wills and trusts
- Credit card fraud
- Bank account fraud
- Real estate fraud
- Outright theft of money and personal belongings
- Fraudulent sales activities which can include life insurance annuities, and home repair scams
- Predatory lending
- Theft by undue influence
Thefts by Undue Influence - Signs
"Undue Influence refers to a form of manipulation or deception used to gain assets without the true consent of the victim.
- Sudden decrease in outgoing lifestyle
- Prominent signs of elderly person's confusion
- Loss of valuables
- Unfounded accusations against family
- Recent acquaintances moving in
- Caregivers promising life long care
WHAT Can you do if you suspect financial EXPLOITATION of youR parent(s)?
- Talk to your parents. Get a feel for what they understand, what they want and what they do with their time.
- If you feel that you parents are at risk for the physical or financial welfare, file a report with Adult Protective Services (APS) 1-866-363-4276. Seattle Intake (206) 341-7660. APS will do a home visit and make an assessment of their needs.
- Have medical assesments done. It will be necessary to have medical documents to support housing and/or financial assistance.
- Ensure that your parents have prepared a will.
- Consider obtaining Power of Attorney (POA). There are varying powers available and need not take control from your parent's ability to make their own decisions. A POA is very helpful when needing to access medical or financial records.
- Know your parents financial history. Learn where they bank, have their investments and what their spending habits are.