Over half of elder financial abuse comes at the hands of family members and trusted caregivers. As we get older, medical advances are helping us live longer, but we are often not able to function at the same level we used to. It is very important to set up a plan for financial care to protect yourself in case of a sudden disability.
Family members who exploit older citizens often don’t view themselves as doing anything wrong. They justify misappropriation of money & resources as something they are somehow entitled to. They may be a long-term caregiver, or may expect to inherit your wealth anyway. Sometimes over-whelming debt or substance abuse is a factor. While this in no way implies that everyone is out to ‘get’ you, you need to protect yourself. One way to do this is to have more than just one trusted financial caregiver checking in. Your team can be multiple children, nieces & nephews, friends and paid caregivers (Attorney, CPA, Daily Money Manager), just so there are two or more.
Financial caregivers are those who assist with personal finances. They should be trustworthy, and able to spot unusual account activity, bounced checks, strange ATM withdrawals, and a host of other issues that non-financial caregivers would not have access to. Preferably they are near-by and have the time to properly assist with your needs. The ideal situation is to be able to hire a professional to handle your finances (to relieve your children of that burden), but have an adult child or other trusted person to check account reconciliations and activity. If that is not feasible, make sure there are two sets of eyes on everything.