Theft and Exploitation of Assets
Court disputes are not always about a person's physical and mental well-being. Often they are also necessary to help prevent a loved one from losing assets. This can happen in many different ways, some overt and some more difficult to spot. The easier ones include theft or exploitation by a greedy family member or caregiver. Taking money, convincing the elderly person to sign over deeds or bank accounts, or other clear signs of financial abuse can be revealed just by reading over the person's financial documents such as bank statements.
Sometimes more challenging to spot is the mismanagement of affairs due to disability or reduced competence, including forgetting to pay bills or buying expensive things that are not needed. This may not seem too alarming, but these seniors are the ones targeted most often by those looking for opportunities to exploit.
The most difficult one to spot is the sale of unsuitable investments by an unsavory annuity salesman or tricky reverse mortgages. These are discussed in more detail below.
Knowing when to intervene or not is not always easy. Many seniors suffering from Alzheimer's, dementia or other conditions do not want to admit they need help with their financial decisions. Often, their children do not want to insult them by asking too many questions. But when you have a loved one diagnosed with dementia or Alzheimer's, or who otherwise exhibits signs of confusion or memory loss, you owe it to them to probe. Make sure their investments are secure and appropriate, and their assets are protected.
In doing so, pay attention to the warning signs. The National Center on Elder Abuse lists many warning signs of exploitation, including:
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