Mother's Day Visit a Good Time to Safeguard Mom's Finances

TUCSON, Ariz., May 5 /PRNewswire/ -- Looking for the ideal Mother's Day gift this year? Instead of flowers and brunch, give your mom the gift of your time and concern for her financial safety.

(Photo: http://www.newscom.com/cgi-bin/prnh/20100505/CL98948 )

For adult children with aging parents, Mother's Day can be a time of concern as well as parental commemoration. With America's 75 million Baby Boomers approaching retirement age, senior advocates say elder financial abuse and exploitation has become increasingly common. Sadly, many people do not know how to spot the signs of financial abuse so it often continues unchecked.

"As professionals called in to help families cope with the challenges of an aging loved one, we sometimes see elder financial abuse as an issue," said Linda Fodrini-Johnson, president of the National Association of Professional Geriatric Care Managers (NAPGCM). "Both the demands of caregiving and the needs of the elder – who might be separated from family by distance – can create situations in which financial abuse is more likely to occur. We can help reduce that risk by monitoring the senior's financial and physical well-being and alerting family to any problems that may arise."

So how can one determine whether Mom could be the victim of financial exploitation? Here are some tips and warning signs, courtesy of Tucson-based NAPGCM:

• Look for significant withdrawals from bank accounts or transfers between accounts that are unexplained or inconsistent with your mother's previous spending habits. Also verify that canceled checks, as well as credit card and bank statements continue to be sent to her house. Offer to double-check bank statements or balance the checkbook to ensure there is no unusual activity.
• Does Mom have any unpaid bills or eviction notices? Have her utilities been discontinued for any reason? If your mother – who has always paid bills on time - suddenly has her electricity disconnected, it's time to investigate.
• Pay special attention if she mentions a new friend or unfamiliar caregiver, especially one that seems too interested in her finances. Ask questions and be on the lookout for suspicious financial activity or missing items such as heirlooms, property and valuable belongings.
• Have there been any new changes in account beneficiaries, property titles, deeds or other documents? Has she altered her will, trust or Power of Attorney? Be very wary if your mother is confused or concerned about recent transactions, financial arrangements or missing funds. Make sure she understands that no legal documents should be signed without a trusted family member present. Strange signatures on checks and other important documents are a sign she might be a victim of financial exploitation.
• Are there noticeable changes in her appearance, mental state or grooming? Watch for signs of confusion, memory loss or dementia. People with special needs are more likely to be targeted and fall victim to financial scams.
• Remind your mom to be cautious when handling in-person, mail, Internet or telephone solicitations. Offer to look over any mail that requests personal information and encourage her to speak with you before sending money or providing bank account, credit card, or Social Security numbers to solicitors.

Remember, you have the best chance of detecting financial abuse by frequently visiting or talking with your mother. Seek help from other trusted relatives or friends if a busy schedule or distance prevents you from being more involved.

(More about long distance caregiving.)

ABOUT NAPGCM

The National Association of Professional Geriatric Care Managers (NAPGCM) was formed in 1985 to advance dignified care for older adults and their families. Geriatric Care Managers are professionals who have extensive training and experience working with older people, people with disabilities and families who need assistance with caregiving issues. They assist older adults who wish to remain in their homes, or can help families in the search for a suitable nursing home placement or extended care if the need occurs. The practice of geriatric care management and the role of care providers have captured a national spotlight, as generations of Baby Boomers age in the United States and abroad. For more information please visit www.caremanager.org.

SOURCE National Association of Professional Geriatric Care Managers