Training of staff on issues related to financial abuse of the elderly persons in the United States financial institutions have been introduced. The Elderly Financial Protection Network in California has worked with the California’s Banker’s Association to develop a video for training the front line personnel and their supervisors on skills needed to capture any warning signs of a possible elder abuse fraud.
Banks can also help in preventing elderly financial abuse by detecting various changes that may take place in the accounts of the elderly such as; sudden change of bank account, addition of new names to the elderly person’s bank signature card, unusual withdrawals of cash by use of ATMs, unexplained withdrawals of large amounts of money, unpaid bills even when the elderly has available funds to pay, and evidence of the elders report of financial exploitation, (Hardings, King & Kelly, 2002).
Daily Money Management (DMM) is an approach which is viewed by professionals as a promising approach to stop or prevent elderly neglect and abuse.
Professionals are recognizing the many cases of violence, neglect and homicide against the elderly which are suspected to be financially motivated therefore giving DMM a bigger role in preventing financial abuse against the elderly persons. Removing possible cases of abuse, blocking asset access and eliminating abuse opportunities are methods which can be used by Daily Money Management to prevent cases of abuse and neglect towards elderly people.
DMM can also use the following methods to prevent perpetrators from accessing financial information of the elderly persons: they can arrange for automatic deposits so that checks don’t go the persons home, remove the elders contact information from the marketers list as permitted by law, ensure that their bills are paid and on time, and administer third parties to sign checks for them.
(Sanchez, 1996). Use of legal services is another method that an elderly person can use against his perpetrators.
Results of studies conducted by Legal Aid and Defense Association show that elderly people and people with mental impairment have sought legal services help because they have been defrauded by the persons that they live with especially their family members. Removing money from victims accounts illegally, changing of property names and taking personal property of the elder without his prior knowledge are some of the reasons which have been brought before a legal firm against the perpetrators.
The legal firms provide services such as court actions, non court actions which assist the person to seek a lawyer, and also non legal actions where attorneys take action against the perpetrators through a perceived threat. Courts can also protect the elderly who are not capable of managing their assets and are at risk of financial abuse by perpetrators through provision of legal guardians and volunteers who act as their trustees in asset management. The legal guardian’s work is the full responsibility of taking care of the elderly person who is unable to manage his/her financial affairs or is totally incompetent.
A conservator is another person who provides general assistant in business and financial affairs of a person who may be competent and coherent but he/she is unable to manage his financial assets. A guardian acts as a protector of the elderly so that he/she is not prone to perpetrators and financial abusers who may find him/her as an easy target for carrying out unscrupulous deals. (Wiehe, 1998). So as to detect whether or not the elderly is being financially abused, the guardians can use screening questions towards the elderly especially if he/she does not understand the financial terms and language that is used.
These questions maybe such as: who the manager of their properties is, whether another person has authority to access his accounts, whether they have suspected any suspicious deals, if anyone has forced them to sign any kind of documents, if they live with anyone and whether their caregiver demand more than they should get, among others. These questions will help the guardian to determine whether the elder is suffering from financial abuse or not and therefore be able to take measures which will protect the person against such perpetrators. (Wiehe 1998).
Remember! This is just a sample.
You can get a custom paper by one of our expert writers.
Get your custom essay
Helping students since 2015
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download