I offer helpful information from the "Pocket Guide for Legal Professionals, Elder Investment Fraud & Financial Exploitation" published and distributed by the Maine Office of Securities.
- Do you feel confident making financial decisions on your own?
- Who manages y our money day to day? How is that going?
- Are you having any trouble paying your bills?
- Is anyone pressuring you to give them money?
- Do you receive a lot of solicitations by phone or mail?
Red Flags for Financial Exploitation:
- Senior moves away from existing relations and toward new associations with other "friends" or strangers
- Sudden appearance of previously uninvolved relatives claiming their rights to senior's affairs and possessions
- Abrupt changes to financial documents, such as POA, account beneficiaries, wills and trusts, or deeds
- Senior is accompanied by an overly protective caregiver who dominates the client
- Changes in the senior's behavior; suspicious, fearful, emotionally labile, or secretive
- Senior displays unexplained or unusual excitement over a financial windfall or prize check; may be reluctant to discuss details
- Noticeable neglect or decline in appearance or hygiene or the senior's basic needs are not being met
Vulnerability/ Risk Factors:
- Social isolation
- Bereavement
- Dependence on another to provide care
- Financial responsibility for an adult child or spouse
- Alcohol or drug abuse
- Depression or mental illness
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