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Protect your family from elder financial abuse.

Elder financial abuse is also called financial or material exploitation.  Cases of elder financial abuse often go unreported because the victims may be afraid or embarrassed that they fell for a scam. 

Spotting the signs.

Warning signs include:
    -changes in an elderly person’s typical spending patterns
    -transferring assets to a new “friend’ assisting with finances
    -unexplained changes in an elder’s bank accounts
    -unfamiliar signatures on checks and other documents, or checks            made out to “cash”
    -missing property
    -unpaid bills despite adequate income
    
Safeguarding a loved one.

You can help prevent the possibility of it happening by making sure and elderly relative has regular social interaction and outings. If a relative acts as a caregiver, have an attorney draft a caregiver agreement that outlines the financial remuneration (if any) and services provided. Set a spending limit on bank accounts to assure the money is accounted for.

Finally, accompany your loved one to the Woodlawn Law Center to prepare legal documents that will assist with caring for an elderly person. The types of documents may include wills, powers of attorney, health care declarations and powers of attorney, transfer on death forms and beneficiary deed transfers, or maybe even a trust agreement appointing someone as a trustee or successor trustee.  Call attorney David Schmidt at the Woodlawn Law Center, 636-240-6667 to schedule an appointment today.

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