FINANCIAL EXPLOITATION OF OLDER ADULTS · 2018. 3. 19. · Imposter scams: grandchild in trouble,...
Transcript of FINANCIAL EXPLOITATION OF OLDER ADULTS · 2018. 3. 19. · Imposter scams: grandchild in trouble,...
FINANCIAL EXPLOITATION OF OLDER ADULTS
P R E S E N T E D B Y :
N i c o l e Z i m m e r , E l d e r R i g h t s P r o j e c t D i r e c t o r , n m z @ l e g a l a c t i o n . o r g
PRESENTATION OBJECTIVES
1. Recognize the many forms of Elder Financial Exploitation
2. Reduce the risk of Elder Financial Exploitation for yourself, your clients, and your loved ones
3. Refer victims of elder financial exploitation to the Elder Rights Project and other resources
Elde r Ab use : Hidde n Epide mic
• 10% of people 60 or older are affected
• 50% of people with dementia are affected
• As few as 1 in 23 cases are reported, fewer are prosecuted
• Financial exploitation is the most common form of elder abuse
Elde r Ab use :Dire Co nse q ue nc e s
• Premature death and increased hospitalizations
• 5.3 billion in heath care costs
• Loss of wealth to
• Individuals/Families
• Businesses
• Medicare/Medicaid
Why Ta rg e t Olde r Adults?Regular income
Accumulated assets
Trusting, polite
Lonely, isolated, dependent on others
Vulnerable due to grief
Lack of experience with financial matters
Cognitive decline
Traits may be real or perceived.
Wha t is Fina nc ia l Explo ita tio n?
Ta king a n o lde r a dult’ s mo ne y, pro pe rty, o r b e lo ng ing s b y:
Manufacturing consent
Abuse of financial authority
Stealing personal information
Forging signatures or documents
What is elder financial exploitation:
Manufacturing ConsentObtaining, or receiving for less than fair market value, an older adult’s money, property, or belongings by:
◦ Deception (lies, misrepresentation)
◦ Enticement (false promises)
◦ Coercion (threats, relentless persistence)
◦ Compulsion (no other choice)
◦ Force (violence of threats of violence)
Absence of informed consent
Presence of undue influence
Example s: manufac turing c onse nt
Mother gives house to daughter after daughter promises to care for mother for the rest of her life. Once deed is signed, daughter kicks Mom out and mortgages the house.
Much younger woman starts “dating” an elderly, cognitively disabled man and gets him to pay her rent, utilities, cell phone, etc.
Step-father allows his daughter to move in temporarily. She brings several other people into the home, refuses to leave, and does not pay rent or expenses as promised.
Example s: manufac turing c onse nt
Imposter scams: grandchild in trouble, lottery winner, true love stuck in Nigeria…
What is elder financial exploitation
Abuse of Financial Authority
Substantial failure or neglect of a fiscal agent to fulfill his or her responsibilities.
Fiscal agents include:◦ Power of attorney for property/finances
◦ Representative payees
◦ Conservators
◦ Guardians of the estate
◦ Informal agreement to “pay bills”?
Example s: abuse of financ ial authority
Granddaughter uses her authority under a POA-F to transfer two deeds into her name and take $30,000.00 from Grandma’s savings.
Nephew uses his authority under a POA-F to cash in his aunt’s stock and purchase a summer home up north.
Neighbor obtains POA-F over a grieving widower and immediately starts taking money from the elder’s account and using it to pay his own bills and buy things for himself.
What is elder financial exploitation
Identity Theft
Unauthorized use of someone’s personal information or documents (SSN, PIN, credit card, etc.) to obtain something of value.
Use of existing credit/debit cards
Opening new credit cards
Opening utility accounts
Taking out a payday or other installment loan
Note: Equifax situation is a “data breach” until someone uses the stolen information to obtain something of value.
Example s: Ide ntity The ft
Son takes Mom’s credit card from her purse and uses it without her permission to buy things for himself.
Son who lives with Mom takes the credit card application from the mailbox and opens a new account in Mom’s name without her permission and buys things for himself.
Grandson uses grandpa’s personal information to electronically co-sign his student loan.
What is elder financial exploitation
Forgery
Falsely making or altering any writing with intent to defraud
Examples:
Elderly woman gives her roommate her purse for safekeeping when she goes into the hospital. He writes several checks to himself while she is gone and forges her signature.
Niece forges her aunt’s signature on a quit claim deed transferring ownership of the property to herself.
Re duc ing the Risk o f Elde r Fina nc ia l Explo ita tio n
Wa rning Sig ns o f Fina nc ia l Ab useBasic needs being unmet
Poor physical condition (dehydration, malnourishment)
Unusual banking activity – especially large, even numbered withdrawals
Inability to explain the nature/consequences of the transaction
Disappearance of financial/legal docs or checkbooks
Strained or tense relationships with family (AODA, mental illness)
Withdrawn/Isolated/Submissive
Tip # 1: Put yo ur trust in the rig ht pe o p leDon’t appoint someone with money problems or vices as your fiscal agent
Beware new “friends” who offer to assistance
Require your fiscal agent to provide a regular accounting to you or someone you trust
Tip # 2:Re vie w fina nc ia l sta te me nts a nd c re d it re po rts re g ula rly 60 days to dispute fraudulent credit card charges, as little as 7 days
to dispute fraudulent debit card charges
Free report from each agency once per year
Free report if you are the victim of fraud or identity theft
www.annualcreditreport.com
1-877-322-8228
Tip # 3:Ke e p pe rso na l info rma tio n priva te SSN, birthdate, bank account numbers, credit card
numbers, PINs, and passwords (liable for MISUSE of these things)
Shred, shred, shred
Beware phone calls or e mails from the IRS, Social Security, Medicare, your bank, etc.
Tip # 4:Do n’ t wire mo ne y
Preferred method of payment by scammers Same as giving someone cash No protections, unlike credit cards, debit cards
or checks Report scammer to the FTC and the wiring
agency
A RESOURCE FOR FINANCIAL EXPLOITATION VICTIMS
Sta te wide Co lla b o ra tio n
•1968
•39 southern counties
•Free civil legal aid to low-income and elderly people
JUDICARE
•1966
•33 northern counties
•11 American Indian tribes
•Free civil legal aid to (mostly) low-income people
LEGAL ACTION OF WISCONSIN
Vic tims o f Crime Ac t (1984)
Goals for Victims◦ Response to physical,
emotional needs
◦ Stabilize lives
◦ Understanding of, participation in, criminal justice system
◦ Safety
Funding
•Fees and fines of convicted federal offenders
Elig ib ility
• Wisconsin resident
• 60+
• Victim of crime (elder abuse)
• Civil legal need related to victimization
• No income or asset limits
• No criminal charges, convictions or police report required
Se rvic e s
Protection Orders◦ Domestic abuse/Harassment
◦ Individual at Risk
Landlord/Tenant Matters◦ Defending evictions related to abuse
◦ Evicting abusers
Review/Revoke abusive POAs
Recover money and property
Foreclosure defense
Identity Theft
Ho w to re a c h us
Option 1:
Referral from a social service agency
Option 2:
Call the toll free intake line at 1-844-614-5468 open Monday through Friday from 8:30am to 4:00pm
Note: we need to speak with the potential client directly.
844-614-5468Que stio ns?