Standing on guard for elderly clients

Standing on guard for elderly clients

Standing on guard for elderly clients

Some financial abuse is clearly defined as theft or fraud, while others are more ellusive. Becoming well-versed about all the possibilities will ensure your elderly clients are as protected as much as possible by you, their financial advisor.

Clear-cut examples of theft or fraud include:

  • Misuse or theft of a senior's assets, property or money (commonly from joint bank accounts or through improper use of a power of attorney).
  • Taking senior’s money or cashing cheques without permission.
  • Forging a senior’s signature or altering documents to get permission to access or dispose of assets.
  • Common scams include identity fraud, debit/credit card fraud, email/phone fraud. real estate fraud and online fraud.

Arbitrary examples of theft or fraud include:

  • Monetary gifts that are involuntary (i.e. gifts made under coercion, undue influence or threats, loans that are not repaid).
  • Lending or giving away money, property or possessions
  • Selling or moving homes (i.e. mortgage obtained for a another’s financial gain, property pledged to secure another’s loan).
  • Making or changing a will or power of attorney.
  • Signing legal or financial documents not understood.
  • Working for little or no money, including caring for children or grandchildren.
  • Making a purchase not needed or wanted.
  • Providing food or shelter to others without being paid.
  • Predatory marriage (pressured into marriage solely for another’s financial profit). (continued on Page 3.)


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