On February 26, the K3 Seniors Program has special guests: Charlene and Jennifer of First Republic Bank!
First Republic discussed the following:
What is elder financial abuse?
Using an elder’s money or assets contrary to his or her wishes, needs, or best interests for the abuser’s personal gain
Examples of Elder Financial Abuse:
taking money or property, forging a signature or using deception to get the elderly to sign legal documents, using property or possessions without permission, promising care in exchange for money or property, and not following through, using telemarketing to commit scams to older people
1.Family members that may :
- have substance abuse, gambling, or other problems
- stand to inherit money
- fear inheritance will be used up
- have had a negative relationship with the elder
- have negative feelings towards other beneficiaries
How can I be more careful in employing elderly caregivers?
- The employment agency is reputable
- The caregiver’s references/background have been checked
- The elder’s checks, credit cards, etc are secure
- There is a written service agreement, and log of workers, hours, salary payments, and caregiver expenses
Information about Elder Financial Abuse
Contact: Your state’s ADULT PROTECTIVE SERVICES DEPARTMENT
The U.S. Department of Health and Human Services’ Elder Care Locator
Charlene and Jennifer also reminded the Seniors about the importance of saving their money, instead of sending everything back to their families in the Philippines.