At the beginning of the summer, we talked about elder abuse and what signs to look out for if an elderly person is suspected of being a victim of financial abuse.  As mentioned, elder abuse is on the rise and justly, as the summer progressed, countless stories appeared in the news about Canadian elders being fraud or swindled out of personal savings and retirement funds.

Statistically, seniors are likely to be abused financially by someone very close to them like a family member.  Sadly, it’s more often the children who exploit their parents.    Lez Kotzer is an estate lawyer who tells some devastating stories about elderly parents being abused by their children in this Vancouver Sun article.  The stories are real and paint a clear picture of the financial abuse situation in Canada.

Prevention is the answer.  There are many important steps that can be taken to protect you from being the victim of financial abuse.  While no one wants to believe that their own child can turn against them, there is never a wrong time to protect yourself from potential financial abuse.

• Speak to your bank – Banks often train their employees to deal with situations of financial abuse.  Ask to speak to a financial adviser or planner that can manage your money professionally and securely while helping you to live successfully after you retire.
• Estate Lawyers –If you are worried about personal assets or property disputes, speaking to an Estate Lawyer will ensure that your affairs are properly managed if you become overwhelmed or incapable of overseeing your belongings.
• Understand everything that you sign and if a relative wants to borrow money, do it through an institution or a legal representative to make sure the information is in writing.  Many times in court, the situation turns into a “he said, she said” argument with no real proof
• Don’t keep a lot of money at home. Take out only what you think you will need for a week
• Powers of Attorney should be chosen carefully and can be revoked at anytime should there be any problems.
• Speak to MasterCard about their budget  system.  Once you set your budget, you can’t go over it.  It’s a safe proof way to ensure that if someone gets a hold of your credit card, your funds will be protected.
• Speak to your local social services organization or senior’s center about information or workshops for seniors confronting financial situations.

If you or someone you know has been the victim of financial abuse, going to the police should be the first thing to do.  Most parents, despite what they have been through, don’t like the idea of pressing charges against family, especially if it’s their own children. As a result, many cases of financial abuse go unreported and the victim suffers in silence or continues to be exploited.  The important thing to keep in mind is that financial abuse is a crime and no one should have to endure it.

Services such as Care Management encompass all aspects of an individual’s needs ; and financial needs are no different.  Through a specially selected network of professional resources, companies like Equinoxe can help you liaise with the right person.  Whether it’s help to pay bills or put away savings, everyone’s needs are individualized to ensure that they are protected at all costs.