PROTECT YOUR LOVED ONES
AS THEY GET OLDER
By: Brian Heithoff, CFP®, Wealth Advisor
his own hands based on some high-pressure sales
tactics. This was a signal to us that he was showing
some significant signs of decline and could no
longer act financially on his own behalf. We caught
this before it was problematic due to our diligence,
but others are not so lucky.
Each year hundreds of thousands of older
As the holiday season comes to a close I am
reminded that it has been almost four years since
my father passed away from Lewy Body Dementia
and Parkinson’s related complications. Going
through an ordeal like this can teach us a few
things about ourselves as well as the darker side of
others. My father was diagnosed with this cognitive
disorder several years before his death. My parents
met with their estate planning attorney to get the
will, durable power of attorney health care, and
living will updated to prepare for any changes in his
mental capacity. My mom, a retired RN, was going
to be his primary care giver for as long as she could
physically do it. I was acting as their wealth advisor
and helping to monitor their entire financial picture.
We had a plan in place.
Many months later we discovered my father had
been meeting secretly with financial advisors at
“free lunch” seminars at his bank. Apparently, he
missed the decision making of the board room
and was feeling somewhat socially isolated. In his
diminished capacity, he tried to take action into
Americans experience elder abuse at the hands of
caregivers, strangers, opportunists and even their
own family members. The frequency of elder abuse
is pretty astounding. According to research from
Allianz, 37 percent of active caregivers said the
elder under their care had experienced financial
abuse or exploitation with a loss and 40 percent of
the caregivers said abuse occurred more than once.
In addition, the emotional toll that it can take is
often overlooked. More than a third of the victims
of elder abuse experienced anger and depression
while more than one-quarter experienced anxiety
and guilt; one-third of care givers believed that the
elder would not report the abuse because they are
embarrassed or unaware.
This alarming trend is likely to continue in the years
to come based on the “graying of America”. In 2014
the older population – persons 65 years or older –
numbered 46.2 million. They represented 14.5% of
the population. According to the Administration on
Aging, there will be about 98 million older persons –
more than twice the 2014 number – by 2060.
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Risk Factors for Elder
Financial Abuse
•
Those with low social support structure
•
Dementia/Alzheimer’s
•
Stroke
•
Trauma
•
Need for activities of daily living (ADL)
assistance
Through social support and education, many seniors
and families are being proactive to stay in front of
this issue and help prevent elder abuse. There are
also professional services that are available for local
and national organizations to help screen caregivers and offer social support structure.
To take action in order to reduce the odds of
experiencing elder abuse, we recommend the
following action steps:
•
Plan ahead to protect assets & ensure your
wishes are followed
•
Warning Signs of Elder
Financial Abuse
Build relationships with professionals involved in
your finances so they can assist in monitoring
suspicious activity & review complex documents
or agreements before you sign them
•
Limit use of cash in favor of checks & credit
cards that leave a paper trail
•
Unusual Activity and behavior
•
•
Unpaid bills
Feel free to say “no,” keeping in mind it’s your
money
•
Belongings missing
•
•
Absence of documents
Establish protocols – Protectionary procedures
can be set up such as trusts requiring multiple
signatures in order to authorize transactions
•
Bank statements no longer in the mail
•
•
Checks made payable to individuals
•
Increased phone call volume
•
Large cash withdrawals
Have a family member review finances – at
Mariner Wealth Advisors, our clients can do
this utilizing eMoney which acts as a vault for
important documents and allows you to review
transactions on accounts
•
New contacts or friends
•
Isolation
•
Large households
•
Loss of spouse
The information contained herein is not intended to be personal legal, investment or tax advice or a solicitation to buy or sell any security
or engage in a particular investment strategy. Nothing herein should be relied upon as such. The views expressed are for commentary
purposes only and do not take into account any individual personal, financial, or tax considerations. There is no guarantee that any claims
made will come to pass.
Mariner Wealth Advisors, LLC (“MWA”) is an SEC registered investment adviser with its principal place of business in the State of Kansas.
Registration of an investment advisor does not imply any level of skill or training. For additional information about MWA, including fees and
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