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Dear Quentin
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Is there anything we can do about financial abuse of the elderly?
My cousin “Ann” was 98 years old when she passed away in April 2020 in New York. She didn’t have any children of her own, but she was very special to me. I visited her regularly and talked to her almost every day. She appointed me as her executor. I was to inherit her property.
I have documents where the court said they felt Ann needed someone to monitor the $300,000 in her bank account. Ann’s friend ‘Sam’ told the court he would do the same. At the bank, Sam is told that he has limited access to Anne’s funds to pay bills and other things.
I frequently looked over her checkbook and bills to make sure there were no overcharges or unusual amounts debited. Sam was kind to her and she liked the attention he gave her. Anne needed help. She attended school until her seventh grade and earned her living by sewing.
empty bank account
Due to the coronavirus outbreak, I had Sam stay at Anne’s house so he could continue to pay his bills. Sam was very kind and sometimes he even helped me get on the subway. He appointed me as trustee of Anne’s estate in August 2022, and he did not receive the formal ‘will’ until August 1, 2023.
That’s when I learned that her savings and checking accounts were closed. Sam’s two nephews appear to have accessed the fund and her $300,000 pension. I was not informed that Sam had been added as a co-owner. She finds out that Sam has the ability to sign checks.
I would have thought Sam had a fiduciary responsibility to Anne. He asked the bank to send him documents regarding the account, but they refused. The probate attorney filed a request for such documents with the court.
Escape from previous scammers
Probate has not yet been completed. I’m in the process of compiling all the expenses I’ve had in the past to manage this. For three years, I had to make sure I fulfilled my legal obligations, hired a lawyer, cleaned my property, etc. and took on my “duties.” It also required many repairs before it could be put on the market.
Anne was also scammed out of money by a woman named “Mary” over a period of 10 years. It took her nearly four years to prove her fraud in civil court and strip this fraudster of ownership of her property in Anne. She also received a $200,000 judgment against Mary, but she was never paid.
Mary transferred the funds in her son’s name. Given her Ann’s advanced age, I told her I had no intention of chasing Mary for money. Mary lived with her son. Her husband had property in Pennsylvania but was not involved in the fraudster’s activities. I felt she would have to answer in Superior Court.
By the way, it was Mary, a con artist, who introduced Sam to Anne.
loyal and devoted cousin
Related: My elderly father is losing his cognitive abilities.I’m worried that if he dies, my four siblings will take over his $300,000 bank account and move into his house.
Dear faithful people
According to your story, Sam was a friend of your cousin’s and Mary was a con artist. However, they have several things in common.
Money goes missing under their watch, and both of you become friends with your elderly cousin in her later years, take an interest in her finances, become somewhat indispensable, ingratiate yourself with her, and even become friends with her. We knew each other. Once you eliminate one of these villain girlfriends, another one shows up offering advice, friendship, and even assistance on the New York subway.
You kindly, and perhaps naively, blame the loss of $200,000 on Sam’s watch to his two nephews, who you say should have had access to their cousin’s account. There’s a reason he was in the right place at the right time, and there’s a reason he volunteered to oversee your cousin’s account. Both of these were red flags, as was the situation in which he came into Anne’s life in the first place.
Sam’s role in your cousin’s life also seems murky at best, both in terms of his official position and his intentions. Those with financial representation have a fiduciary responsibility that they must not act out of self-interest and must maintain a legal responsibility to act in a trustworthy manner. However, it is unclear whether Sam had power of attorney or was just a “friend.”
statute of limitations
Different states have different statutes of limitations for certain types of fraud and elder abuse. In New York, a plaintiff has six years to file a lawsuit, but an attorney may be able to advise you on this matter. The burden of proof is on you and you will need to provide paper evidence to file your case. It’s going to be an uphill battle considering your cousin is gone and your money is gone.
Being an executor of someone’s will and/or having a power of attorney is a big job and probably too much for one person. However, the latter have great power in making financial and medical decisions. “The best choice is someone you can trust.”According to the American Bar Association, the most important characteristic in an agent candidate is often integrity, not financial acumen.
Generally, if you suspect elder abuse, whether emotional, physical, psychological, or financial, you should report it to Adult Protective Services. You may also call 911 or notify your local law enforcement agency or district attorney’s office. The Consumer Financial Protection Bureau provides detailed information on how to report elder financial abuse.
That’s a big problem. The National Center on Elder Abuse, a government agency under the U.S. Bureau of Aging, reports that research on elder abuse lags 20 years behind research in the fields of child abuse and domestic violence. According to the study, one in 10 Americans over the age of 60 has experienced some form of abuse in the past year.
Signs of elder abuse
According to the nonprofit National Council on Aging, financial signs of elder abuse include fraudulent signatures on documents, late bills, and “abnormal or sudden changes in spending patterns, wills, and other financial documents. ‘ is included. The most common perpetrators are caregivers, friends, and family members. These crimes cost seniors up to $28 billion a year, but official estimates may not accurately reflect the true cost.
According to the National Adult Protective Services Association, “Isolation is a red flag, and many studies of elder abuse find that the problem is characterized by a lack of adequate support systems and physical and psychological isolation.” But it can also happen visibly. The more people who monitor elderly family members and their financial accounts, the better.
Your cousin died believing she was cared for, but you were in her life. I hope that fact, and your memories of her, especially in her final months, will be of some small comfort to you many years after her death. Your story may also be helpful to others with elderly relatives who are surrounded by friends old and new who suddenly need help, and may help them recognize the signs of elder financial abuse.
Sometimes, like Mary, such unpleasant figures appear mysteriously and unannounced. Sometimes, like Sam, they arrive with a smile on their face.
If you have financial and ethical questions, you can email The Moneyist at qfottrell@marketwatch.com. You can also follow Quentin Fottrell on X, the platform formerly known as X. twitter.
Monetarists regret that they cannot answer questions individually.
Previous columns by Quentin Fottrell:
My husband and I divorced and bought separate homes. Now we are thinking of getting together again and consolidating our assets. Is it wise?
My property is worth millions of dollars. How can I keep my daughter’s husband out of it?
‘That was a mistake’: My father set up a revocable trust and left everything to my stepmother. She is completely cutting me off. what can i do?
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