Safeguarding Against Elder Financial Abuse in Spite of Social Distancing Rules

Private Wealth Services Attorneys Vivian Thoreen and Yunnie Youn Son co-authored an article published in the Los Angeles Business Journal describing ways to protect the elderly from financial abuse during the COVID-19 pandemic. Social distancing rules have especially isolated the elderly, and as a result, they are more vulnerable to being taken advantage of. Ms. Thoreen and Ms. Son explain that the best way to protect loved ones is to maintain constant communication with them, as this allows for the chance to catch red flags before problems arise. Some of these red flags include changes in physical or mental health; unusual or sudden lavish spending or other changes to spending habits; new caregivers or helpers; inability to obtain information about assets; and unusual urgency to make changes to an estate plan. If any issues do arise, seek advice from professionals specializing in elder abuse.

READ: Safeguarding Against Elder Financial Abuse in Spite of Social Distancing Rules (Subscription required, article begins on page 5)