As loved ones age and begin to lose executive function, it is imperative that their families and friends work together to support them, whether it be by themselves or by hiring professionals to bring order back to their lives. Unfortunately, this does not always happen. Our population is aging at a rapid pace; approximately 10,000 people turn 65 every day. Combine that with rising levels of spending on eldercare and transferring of wealth via estate inheritance, and problems are bound to occur.
Coinciding with the growth of the senior population is a rise in reports to Adult Protective Services – meaning more elderly people are being abused. It comes in many forms: writing fraudulent checks siphoning money from pension or IRA funds, petitioning for Guardianship or becoming Power of Attorney without the senior knowing.
Elder abuse has been thrust into the limelight because it can affect everybody, including very high-profile celebrities, including Casey Kasem, Doris Day, and perhaps the most well-known, Marvel Comics leader Stan Lee.
Following a Hollywood Reporter investigation into a group of people close to Lee who were accused of helping themselves to his finances and secluding him from other people, one of the accused was arrested a few weeks ago, more than six months after Stan Lee’s death. Through interviews and appearances over the last few years of his life, it became clear that Stan Lee was being influenced by his own daughter, her friend and Mr. Lee’s manager, as well as their attorney. This was done in a multitude of ways, including firing long-time aides and associates, obtaining Power of Attorney, involving him in contracts without his knowledge, and stealing memorabilia from his home.
While most cases of elder abuse may not be of the same magnitude as that of Stan Lee, his experience is an example that it can happen to anyone, at the hands of anyone – a loved one, a friend, or even a stranger.
As Daily Money Managers, we make sure that our clients, their families and other professionals working with them are well aware of their financial circumstances. We are often brought in preemptively to prevent financial abuse. In addition, we are contacted to research and end financial abuse and help clients begin to recover both financially and emotionally. In maintaining meticulous and up-to-date records of our clients’ finances, we ensure financial security as well as peace of mind for our clients and their loved ones.
If you know anyone who may be in danger of elder abuse, please contact us. We are happy to talk about what services we can provide and how we can involve the proper professionals and authorities to prevent, end and recover from elder abuse.