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Can’t remember if you paid your bills or don’t know if you fell for a scam?
Older adults’ declining health may lead to family members, friends or caretakers taking control of their finances.
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How old is considered too old to manage your money in California? What happens if you’re caught mishandling an older person’s savings?
Here’s what you should know:
How old is too old to manage finances by yourself?
“Most people in their 70s and 80s can still manage their money, as financial capacity relies on accumulated knowledge, which largely stays intact with age,” said the Center for Retirement Research at Boston College.
When signs of cognitive impairment start to show, older adults may need someone to help manage their money, according to the center.
may also need help maintaining assets after a spouse or partner dies.
What are signs of cognitive impairment in seniors?
Piles of unopened mail, losing track of cash or checks and complaining about not having enough money are indicators that elders may need someone to take over their finances, according to the Elder Care Alliance.
According to the alliance, other warning signs include:
- Unexplained calls from creditors
- Frequent and uncharacteristic trips to the bank
- Sending money to participate in multiple contests and sweepstakes
- Physical ailments or memory problems that make it difficult to keep up with everyday financial tasks
According to the Mayo Clinic, mild cognitive impairment can have symptoms like forgetting things more often, missing appointments, trouble following conversations or losing a train of thought.
How can I transfer financial responsibilities?
Having conversations about transferring financial responsibilities ahead of time can make the transition smoother and paint a better picture of the “financial landscape,” according to the Elder Care Alliance.
If you’re tasked with taking control of an older person’s savings and investments, “get all of their documents organized and secured in a safe place,” said the network of senior living communities, which is based in the Bay Area.
Collect all relevant documents including account numbers, birth certificates, insurance policies, deeds, wills and important contact information.
You should also confirm that documents are up-to-date and accounts are in good standing.
The next step involves consolidating financial responsibilities such as bills, credit card payments and utilities to “reduce the burden of keeping up with physical checks and multiple carriers,” the Elder Care Alliance said.
The group recommends setting up automatic bill payments, switching to direct electronic deposit and consolidating or closing credit card accounts.
“Older adults are often the prime targets of financial scams and identity theft,” the Elder Care Alliance said, so they should use credit monitoring services and set up account transaction alerts.
You can opt out of spam by signing up on the National Do Not Call Registry.
You should consider assigning a power of attorney to transfer legal and financial responsibilities to a family member, the alliance said. This can only be appointed if you are mentally competent and able to make decisions.
Documents proving a power of attorney is being used need to be submitted to agencies and institutions such as the Social Security Administration and Medicare.
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You should speak to a financial advisor or attorney to ensure decisions are made appropriately, and financial plans are understood.
What is considered financial elder abuse in California?
“More than 200,000 older and dependent adult abuse cases are reported in California each year, and it’s believed that abuse of older adults is significantly underreported,” the California Department of Aging said.
California’s Elder Abuse and Dependent Adult Civil Protection Act describes financial abuse as a responsible party committing or assisting in obtaining real or personal property under the pretense of wrongful use, intent to defraud or by pressuring or manipulating the older adult represented.
According to The Grossman Law Firm in Riverside, signs of financial elder abuse committed by caretakers may include:
- Taking money for personal use
- Transferring property, valuable assets or investments
- Giving unauthorized gifts
- Hiding financial records
What are penalties of financial elder abuse in California?
In California, a person caught committing financial abuse against an older adult can be charged with a misdemeanor or felony.
When the amount or value of the stolen property equals $950 or less, the crime is considered a misdemeanor punishable by up to a year in county jail and a maximum fine of $1,000.
If the property value exceeds $950, you could face a year-long jail sentence, a $2,500 fine or both.
If you’re convicted of a felony for stealing more than $950 worth of property, you can face a $10,000 fine and up to four years in jail.
What should I do if I think an older person is being abused?
If you suspect financial elder abuse is taking place, collect evidence of the crime such as documents and records.
This may include bank statements, financial and property transfer records and text messages, according to The Grossman Law Firm.
“An experienced California probate and trust litigation attorney can evaluate the available evidence, explain your legal options and determine whether litigation may be appropriate,” the law firm said.
Every county in California has an Adult Protective Services agency that specializes in helping seniors meet their needs. The agency also investigates crimes associated with elder abuse.
If you think an older person is being abused, call the Adult Protective Services at 833-401-0832. Once connected, enter in a ZIP code to be transferred to that county’s agency.
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The hotlines are also open to people who need to report abuse from caretakers.
You can call seven days a week, 24 hours a day.