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Protecting Elders From Financial Abuse

Wednesday, November 28, 2012 - 3:19 PM
From US News & World Report via Yahoo Finance:
"According to experts, the illegal or improper use of older adults' funds, property, or assets is reaching epidemic proportions in this country," GAO [Government Accountability Office] official Kay Brown said in prepared testimony to the Senate Special Committee on Aging. "The money older adults lose in these cases is rarely recovered and this loss can undermine both the health of older adults and their ability to support and care for themselves." 

... The ability to make sound financial decisions often declines with age. To help guard against making poor decisions as well as being exploited, it's important that seniors share financial transactions, decisions, and plans with their spouses, families, and financial advisers. 

... But with the swelling ranks of people in their 70s and 80s, creating an "age aware" process of making and recording financial decisions is increasingly needed. It will save you money and, possibly, the heartbreak of being exploited by someone you thought was looking out for you. Here are ways to protect yourself and avoid unpleasant surprises. Make sure they're right for you.

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pearlbrownpearlbrown1,465 posts since
Nov 2, 2010
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