Elder Abuse: Sometimes its Financial

Dan Frith

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We have all heard about the poor conditions in America's nursing homes. Facilities that are under-staffed...residents suffering from malnutrition... dehydration and decubitus ulcercs. But not all abuse of the elderly is related to their physical/mental condition or medical care...sometimes its financial abuse.

Lawyers and financial advisers are seeing more cases of adult children turning to their parents for financial help because of the troubled economy. In some cases, adult children are making a grab for assets held by parents who are too fragile mentally or physically to make decisions that are in their own best interests. In other instances, parents may feel pressured to hand over money or property, or even change their will, for fear of losing a more-precious asset: a child's love.

A recent article in the Wall Street Journal focuses attention on this very problem. The article tells several stories of elder financial abuse by family members.

My Take: Bank, credit card, and investment statements should be regularly reviewed by an outside party the senior knows and trusts.