The Growing Problem of Elder Financial Abuse

Earlier this year, I agreed to serve as conservator, under N.J.S.A. 3B:13-A-1 and Rule 4:86-11, for a 95-year-old woman who lives at home, with assistance. As is my custom in guardianship and conservatorship matters, I try to maintain a banking relationship with the bank where the ward or conservatee had maintained his or her accounts. When I opened the conservatorship account, the bank officer admitted that he had never done one before, and this would be a learning experience for him. Things have proceeded well so far. When I went to the bank last week, it was obvious the bank officer had been waiting for me to come in. He asked if he could speak with me. Without naming names, he discussed a customer of the bank whose banking habits have suddenly changed. Regular checks in large amounts are being written to “cash” and given to a person to whom he is not related. The bank officer asked me: “How does a person get a conservator? I think this customer really needs one.” Banks are often the first to notice questionable financial activity. I told him how to contact Adult Protective Services, and an investigation ensued. APS is now taking appropriate action.

As early as 1985, elder abuse was called a “national disgrace” by the U.S. House of Representatives, Subcommittee on Health and Long-Term Care of the Select Committee on Aging. More than a quarter-century later, it continues to be a national disgrace. Until recently, however, no one has quantified the cost.