• Liabilities and unpaid bills. What if an elderly loved one who should have the means to pay the bills every month somehow gets their utilities get shut off? There might be more in play than just a faulty memory—a bad actor may have made off with money from the elder’s accounts, leaving the victim high and dry.
• Surrender of oversight. Very often we see cases where a “new friend,” often a neighbor or opportunistic relative, appears on the scene to offer their “help” in managing the elder’s finances. At times, they even succeed in gaining power of attorney. Concerned relatives should closely look into any effective forfeiture of oversight for indicators of suspicious activity.
• Suspicious withdrawals. As any good investigator will tell you, follow the money. When financial accounts begin registering unexplained withdrawals or checks made out to “cash,” it’s time for you to speak with bank employees and get further details on who’s making these transactions.
• Vanishing assets. Another telltale sign of elder financial abuse is when valuables begin to disappear. Suddenly an elder’s jewelry, cash or financial documents, such as stock certificates, vanish, and the perpetrator takes to living lavishly with new purchases of fancy attire, vehicles, property, etc.
• Changed estate documents. Wrongdoers who commit elder financial abuse will often seek to legitimize their predatory behavior with the stamp of legality. While exercising undue influence on the elderly victim, they’ll “shop around” for any lawyer who will agree to change a will or trust document in their favor. Ask your elderly loved one about any such changes. If you are up against such a situation, it may be time to consult an experienced trust litigation attorney.
• Creditors come knocking. Is the elder encountering financial trouble where there should be none? Find out the explanation for any property liens or foreclosure warnings. The reason behind a creditor’s claims may be more than just a mistake—your elderly family member might have been financially exploited by an abuser who cleaned out their accounts.
© 2017 Michael Hackard. Excerpted from the chapter “Methods and Tactics of an Elder Financial Abuser” in The Wolf At The Door: Undue Influence and Elder Financial Abuse.
Michael A. Hackard, Esq., heads Hackard Law, an estate, trust and probate law firm in Sacramento, California. A veteran of the legal field with 40 years of experience, Hackard is devoted to protecting his clients.