Anyone with an aging family member has the concern. Are they making payments on time, are they overpaying caretakers—or worse, are they being taken advantage of by someone in their care network? Unfortunately, this situation occurs, and when it does it can have a life altering impact on the victim. What’s even more unfortunate, is that these situations often go unreported.
Here are five ways to ensure your family members are protected from financial abuse:
Understand the signs of financial abuse. The Federal Trade Commission recommends to spot financial abuse, one should look for sudden changes in a person’s financial situation:
- Sudden changes in wills or powers of attorney
- Financial activity that the person is physically incapable of doing themselves
- Bills going unpaid when they are typically paid on time
- Funds withdrawn at significantly high increments
- Unusual purchases
Take steps to get things back on track. If financial abuse has occurred, close any joint bank accounts where the culprit may have had access. Restart utilities if they have been shut off, and speak with the company to make arrangements if bills are behind. It’s also important to work closely with your loved one’s banks to identify, report and investigate financial abuse.
Have your family member establish Advanced Directives through a qualified attorney. Under a Power of Attorney, the agent that is chosen can pay bills, sign contracts, sell assets, apply for benefits, communicate with financial institutions, and handle personal affairs. Similarly, a Health Care Surrogate can communicate with doctors, review medical records, consent to medical procedures and treatments and make medical decisions on behalf of the individual.
Contact The Bank of Tampa for its Trust Services expertise. The Bank of Tampa’s Trust Services department has years of experience handling trust and estate planning matters and can work with you and your family to determine how best to protect them. To learn more about The Bank of Tampa’s Trust Services visit www.bankoftampa.com/trust.
If you are suspicious of elder abuse, report it. If the person is in immediate physical danger, you should contact 911. Otherwise, you should contact Adult Protective Services. If the abuse involved a scam, you should also contact the Federal Trade Commission.
Interested in learning more about The Bank of Tampa, please contact me at dbrown@bankoftampa.com.
Disclosures
The Bank of Tampa does not practice law, draft legal documents or provide legal advice. Acting as an unbiased third party, they will interpret legal documents and apply relevant Trust law to follow your intent and properly and efficiently execute your trust and estate plan.
Trust and Investment Services are not FDIC insured, not deposits or other obligations of the Bank, and may lose value.