We all hear about the scams that slick perpetrators use to extract money from elders. There is science that proves that there is something in an elders brain that reacts to requests from family members for money. But the most instances of elder abuse are from family members and or trusted friends. As parents and grandparents age, it becomes easy to take advantage of them. Frequently children are added onto bank accounts to make bill paying easier. As I speak to groups of seniors, they often are ashamed of how they have been taken advantage of by family and are reluctant to press charges or even complain. Most seniors claim they want to leave their money to their children and grandchildren.
If anyone sees signs of financial abuse from a friend, neighbor, customer, client, the authorities should be contacted. Immediately. Alert their banking institutions, any lawyers that have been retained, and any other family members that can be engaged to help stop the abuse. Get involved, it matters.