Financial Elder Abuse by Children and Relatives is Quite Common

Written by Adam Peck Category: Elder Law January 26th, 2013 2 min read

When a New York City jury convicted Anthony Marshall, 85, the only child of millionaire-socialite-philanthropist Brooke Astor, of 14 counts of fraudulently squeezing huge sums out of his late mother’s $180 million estate, many observers thought it was an isolated case of financial patricide.

No way.

Abuse of wealthy elderly parents by their greedy adult children and other relatives is as common as sin — so common that legal eagles have coined a name for it: elder abuse. More than 500,000 reports of such abuse against elderly Americans are sent to legal authorities every year, and millions more cases are thought to go unreported.

A comprehensive survey by the MetLife Mature Market Institute concludes that financial loss by victims of elder abuse is at least $2.6 billion a year. Figuring that there are still plenty more cases to be found, district attorneys have set up their own elder abuse offices in New York, Los Angeles, San Diego, Brooklyn, Seattle and many other places.

Document financial arrangements. Put all financial instructions in writing. Keep updated records of all financial transactions in a safe place.

Practice preventive banking. Use direct deposit. Keep checks in a safe place and don’t sign a blank check allowing someone else to fill in the amount. Never give someone your ATM, credit card, PIN or Social Security number. Check your bank statements carefully for unauthorized withdrawals. Be careful of joint accounts as both parties have equal access to the money.

Be cautious of signing powers of attorney. Before signing a power of attorney for a bank account, general purposes or for financial management, know and trust the person that you are naming as the agent.

Be aware that a power of attorney is a powerful legal document. It sometimes can be used by unscrupulous persons to “legally steal” someone’s assets.

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Written by Adam Peck

Expertise: Personal Injury

Adam J. Peck, ESQ is a principal with Peck Law Group, APC. In 2008, Mr. Adam Peck received his Juris Doctorate from Whittier Law School where he graduated Cum Laude. His practice is primarily dedicated to representing Elders, Dependent Adults, along with their loved ones and family members, who have suffered horrific personal injuries.