Baby boomer caregiving: Elders’ money walks, financial abuse talks

| August 7, 2012 | 0 Comments with Stephanie Stephens for more how-to video episodes, audio podcasts and blogs on female baby boomer health and lifestyle topics, created especially for you. It can start so innocently. A caregiver—a relative or paid employee—has access to a senior’s checkbook or other financial resources. As statistics prove, temptation is just too powerful and soon, financial abuse is underway, snowballing down the hill as it becomes an avalanche. As our newest video proves once again, your intuition is a powerful weapon. If you suspect that something “fishy” is going on, it probably is. Perhaps one of your siblings is dipping into the monetary pond, or if it’s an employee, you notice Mom’s nice jewelry is gone, or that there’s been a boatload of withdrawals from the local ATM or a rash of credit card charges. When an elder’s cognition is compromised, the field is even riper for picking. Be on guard The MetLife Mature Market Institute has prepared a comprehensive resource of tips on this subject. Here are some basics to start 1) If one family member is taking care of finances for the senior, perhaps all of you will want to “double-check” to ensure all is well. Volunteer to “help provide back-up.” Someone does need to monitor finances monthly. 2) Any decision that needs to be made in a hurry is suspect: Nothing’s that big of a rush. 3) Red flag any other changes in the elder’s usual banking habits, changes in a will or other main financial documents, or transfer of
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