Five million. That’s how many seniors fall victim to financial fraud every year, according to the National Center on Elder Abuse. Scary, isn’t it? Dozens – perhaps hundreds – of financial cons exist. There is even one scheme which works by promising to recover the money lost in another. What can you do to protect your loved one? A geriatric care manager is the first line of defense against unscrupulous scammers.
Geriatric care managers watch for signs of cognitive difficulties that might warn of trouble ahead. Seniors who become confused when paying their bills, or who have difficulty understanding their investment options are prime targets for scammers. Is your relative giving away (or loaning) inappropriately large sums of money? Is he or she complaining that money is disappearing from a bank account? These are the kinds of situations a care manager will keep you informed about, before your relative falls victim to a con man.
To help protect your relative’s assets, a durable power of attorney may be an option. By granting you or someone else the responsibility of making financial decisions, your elderly relative is relieved of the stress of handling the confusing issues that can surround bill paying, investments, and other money matters. A geriatric care manager will then act as liaison between you, your relative, and his or her agent, making sure everyone is informed about concerns related to the health and well-being of your loved one.
Originally posted 2010-08-21 07:33:55.