By Drew Aldridge, Vice President, Middle Market Relationship Manager at The Bank of Tampa
Imagine this scenario: an 80-year-old senior is suffering from dementia and is convinced to give a check for $250,000 to their in-home caregiver. With $250,000, the in-home caregiver skips town, leaving the senior without proper care and supervision to ensure they’re taking their medications, and receiving the day-to-day care expected for them to live in comfort. The impact on the individual is life-altering. And often, situations such as these go unreported. It is important to remember that exploitation of seniors is a consumer protection issue that should be monitored constantly.
The Federal Trade Commission recommends to spot financial abuse, one should look for sudden changes in an elderly person’s financial situation:
- Sudden changes in wills or powers of attorney
- Financial activity that the person physically is incapable of doing themselves
- Bills going unpaid when they are typically paid on time
- Funds withdrawn in significantly high increments
- Unusual purchases
If you are looking to prevent financial abuse and exploitation from happening to a member of your family, there are a few things you can do. For example, you can establish a senior Advance Directive 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.
The Bank of Tampa’s Trust Services department has years of experience handling trust and estate planning matters and can work with you to determine how best to protect your family. For more information on The Bank of Tampa*, please contact me at daldridge@bankoftampa.com. To learn more about The Bank of Tampa’s Trust Services** visit www.bankoftampa.com/trust.
If you are suspicious of elder abuse, the best thing you can do for your friend or loved one is to report it. If the person is in immediate physical danger, you should contact 911. Otherwise, you should contact Adult Protective Services. If the abuse involves a scam, you should also contact the Federal Trade Commission.
Disclosures
We do not practice law, draft legal documents or provide legal advice. Acting as an unbiased third party, we will interpret legal documents and apply relevant Trust law to follow your intent and properly and efficiently execute your trust and estate plan.
* Bank deposit solutions are provided by The Bank of Tampa. MEMBER FDIC.
** Trust services are NOT FDIC insured, NOT deposits or other obligations of the Bank, and MAY lose value.
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