We're helping out a reader who suspects financial abuse. The Moneyist weighs in: My 92-year-old father suddenly appointed his lawyer as healthcare proxy and executor, ceding control of his bank accounts. What can I do?
On the sudden advice of his attorney, our widowed 92-year-old father recently shocked us by abandoning a partial college tuition gift he had promised his grandchildren.
Outline your concerns over one person suddenly having so much control over his finances, and why this — the unfettered power to access and invest your father’s money — raises red flags for you. Explain that any change in your father’s health could leave him vulnerable to financial mismanagement. And, yes, he should be enjoying his money.
Financial institutions have procedures in place for spotting the warning signs of elder abuse — if that is what is happening — and state regulators have in recent years put pressure on advisers to help prevent it. It impacts an estimated five million Americans every year, according to the National Council on Aging, and multiple agencies say the number of cases are increasing and underreported.
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