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Keep an Eye Out for the Red Flags of Financial Abuse of Seniors

Posted: Wednesday, June 13th, 2018 at 6:21 am
Author: Sally Y. Hart - KCII News

Friday is World Elder Abuse Awareness Day and the Iowa Insurance Division is reminding Iowans, especially financial professionals, to keep an eye out for red flags of suspected financial abuse of seniors.

Suspected signs of financial abuse by a guardian or power of attorney include using authority to transfer property for their own benefit, receiving personal payments from a protected individual without permission, authorizing frequent cash withdrawals without explanation, using or borrowing property for personal benefit without permission, and making unexplained decisions that are not in the protected person’s best interest. Recently a federal law was signed to ensure financial professionals who in good faith and while using reasonable care are immune from liability for reporting suspected financial abuse. The State of Iowa also has the Office of Substitute Decision Maker available for assistance for those who are at least 18 years old and have no appropriate person available to serve as a substitute decision maker.