If you’ve been keeping up with the news lately, then it’s possible that you heard about this story of a defrauded senior citizen. Regardless, we thought it was worth sharing, because it speaks to the financial peril that faces senior citizens throughout the country, including many of our clients.
Recently a family realized that their father, who had been suffering from dementia brought on by Alzheimer’s, had been defrauded out of a significant portion of his savings. The perpetrator? The victim’s caregiver, who had managed to convince the elderly gentleman that she was the only person that he could trust. She successfully managed to convince the elderly gentleman that he should cut off contact with his family, and that he should sign over power of attorney to her.
She used this influence and this power to withdraw money from his bank account over a significant period of time, successfully defrauding the gentleman out of several hundred thousand dollars. Because her influence was so total, the family didn’t even come to find out what had been transpiring until the gentleman passed. Only a subsequent investigation revealed the extent to which their elderly father had been taken advantage of, by the person entrusted with his care no less.
At BakerDMM, we take the financial perils facing our elderly clients very seriously. When you choose to work with us in managing your finances, you can rest assured that we keep a keen eye on your accounts and look for signs of fraudulent activity. If these are ever discovered, we will act promptly to work in your best interests, ensuring that you and/or a loved one are not defrauded out of assets and savings. So, if you feel that you might be at risk, or would just like to know what precautions can be taken, then get in touch with us at your earliest convenience.