August 21 is World Senior Citizen's Day, which is a time to acknowledge the contributions of older citizens to society. But, as recent surveys reveal, it is also a time to face and deal with the vulnerability of the elderly.

Older Americans who are exploited by family and fraudsters lose an average of $34,200 annually, according to the U.S. Consumer Financial Protection Bureau (CFPB). A survey by TrueLink, which provides account-monitoring software for elders and their families, projects that financial elder abuse accounts for as much as $36 billion in losses per year. 

Sadly, the main perpetrators of financial abuse of the elderly can be relatives, spouses, or someone else a senior relies upon, who may siphon off money or property from the older person without their knowledge, understanding, or consent.         

It can be as simple as forging a signature or as complex as gaining power of attorney or guardianship or getting hold of a deed to property.

While REALTORS® are not typically privy to complex family dynamics, there are several ways to spot signs of financial abuse when dealing with an elderly client, according to AARP consumer advisors, whether or not the client seems cognitively impaired:

1. A caregiver or someone else who shows excessive interest in your client’s affairs.
2. A caregiver or someone else who refuses to allow you to see the client alone.
3. Changes in the client’s bank accounts or other documents that the client seems unaware or confused about.
4. Suspicious signatures that do not seem to match those on other documents.
5. The sudden appearance of previously uninvolved relatives claiming rights to the client’s affairs and possessions.

It’s understandable, even if you believe an elderly client is being financially exploited, to be hesitant about reporting it. But there are three simple things you can do:

• Contact Adult Protective Services for your area, according to the CFPB. These state and local social service agencies investigate allegations of abuse, neglect and exploitation of older and disabled adults and work with victims and their families to stop it. The National Association of Adult Protective Services has a state-by-state directory.
• Report the matter to your police or sheriff’s department, using its nonemergency number.
• You may also want to contact the district attorney’s office or legal aid programs in your area to explore legal options against perpetrators such as prosecution, a protective order, or a civil suit.

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Sources:   CFPB

                   AARP

                   TrueLink

                   ElderAbuse.org

This material is meant for general illustration and/or informational purposes only. Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy. This material is not intended to be construed as legal, tax or investment advice. You are encouraged to consult your legal, tax or investment professional for specific advice

 About Bobbi Pronin

Bobbi Pronin is an award-winning writer based in Orange County, Calif. A former news editor with more than 30 years of experience in journalism and corporate communications, she has specialized in real estate topics for over a decade.

Bobbi is not an employee of Anywhere Integrated Services or affiliated with its title companies.