Financial Elder Abuse – How to Avoid it

I shall never forget a front-page article in the Los Angeles Times, November 13, 2005, "When a Family Matter Turns Into a Business". It presented a horrific account of what life can be like when someone you don't know, never met, and without your knowledge or consent, decides to be your legal guardian. This nightmare may not be possible in your state, but it's smart to be aware of a type of abuse you may encounter once you enter elderhood.The article tells what happened to one 87- year old woman when her life was taken over by a professional conservator.The professional conservator business is said to be booming, and for the most part, unregulated in California. They have authority over thousands of vulnerable adults, and no agency licenses conservators or investigates complaints against them according to the Times article.Conservators are alleged to find clients by sponsoring breakfasts at senior centers and networking at legal luncheons. Nursing homes allegedly contact them when patients become a problem. Hospitals allegedly call them when patients have outlasted insurance benefits.The target? Seniors with money – enough to insure a paycheck for a conservator for at least a few years assuming the client lives long enough.Once a senior falls into the grasp of an unwanted conservator, it is difficult and expensive, even with the help of an attorney, to get rid of him or her, as the 87-year-old woman in the Times article discovered.WHAT YOU CAN DO1. If you are a Boomer, now is the time to decide who will control your "golden" years. Make legal arrangements to protect yourself. Elderhood is closer than you think. In the blink of an eye, you will be there.2. Take control of your health so that you stay mentally and physically strong as long as possible. You don't have to fall into decline just because you are aging.3. Be wary of loving friends and family who unintentionally encourage dependence. When your children start telling you, "You don't have to do that anymore, we can do it," – watch out. Allowing others do for you what you can do for yourself is a slippery slope. Accept help when you really need help and say "no thanks" when you don't need it. The mind and body accommodate very quickly to dependence. It's nice to be catered to. But the more unneeded help is accepted, the more it is expected and preferred, eventually leading to a real need for increasing amounts of assistance. Personal freedom is fragile and can be lost without realizing it.4. Avoid the entitlement syndrome that afflicts many seniors. I can't recall the number of seniors who have told me, "I've done for others all of my life, now it's time for others to do for me." That's a very dangerous attitude. When you do for others, do it because you really want to do it and don't expect anything in return. An entitlement mentality just begs for the intervention of others who are anxious to "do for you" for a profit, and in the bargain, perhaps take over your life and your finances.

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