‘Twas the Night Before Christmas…When Elder Protective Services Called
Senior Financial Safety Class
I believe one of the worst phone calls a family member can receive is one from a state agency informing them that they are investigating another family member for elder abuse of a loved one. In 1999, I received such a call. The State of New York was concerned about the welfare of my grandmother and they called to let me know that they had opened an investigation into my uncle who lived near her. They also asked if I could step in and begin to assist her with her affairs.
The emotions I felt in that moment ranged from shock to fear to anger. What was happening to my grandmother? She was always so fiercely independent. She traveled the world and belonged to every social club in her community. She was healthy and of sound mind when I saw her last. What had gone wrong? Why would my uncle want to harm her?
I called my father to inform him of the news and we decided that because I was both an attorney and I lived closer that I would go to New York. By the time I arrived the State had already conducted a surprise visit and found my once vibrant grandmother confined to one room, being feed less that 800 calories a day, with her phone being intentionally left off the hook. She was dying a slow death, a prisoner in her own home.
Through the months that followed, it was discovered that my uncle had improperly used a power of attorney my grandmother had granted to enrich himself and his family for nearly $75,000. It was also discovered that once she passed away he would have inherited half of a trust that neither my father nor I knew about. If not for that phone call from the State of New York I am afraid to think what would have happened to my grandmother. Ultimately, my father and I became my grandmother’s guardians. We recovered some of the money and moved her nearer to us where she lived happily until her passing in 2008.
Sadly, for many seniors they do not get the happy ending my grandmother received. In research just published by Center for Gerontology at Virginia Tech, there were 1,128 news articles nationally dealing with elder abuse from November 2010 through January 2011. Of these cases, 31 percent dealt with financial abuse, and most disturbing is that of these cases, 45 percent were either committed by a family member, friend or neighbor.
To help combat this problem and honor my grandmother’s memory, I wrote the Senior Financial Safety education program. Senior Financial Safety focuses on the unique money management needs of older Americans and is currently being taught in more than 40 states. It covers important topics such as fraud prevention, money management, post-retirement planning, maximizing government benefits and senior care.
We’re seeing great results with this program but want to reach even more seniors before it’s too late!
At the Institute for Financial Literacy (www.FinancialLit.org), of which, I am the Founder and Executive Director, we believe the best protection seniors have is quality financial education and guidance. As a nonprofit 501(c)(3) tax exempt organization, the Institute is committed to helping seniors navigate these troubling economic times by offering effective financial literacy programs and services. Our staff of certified professional educators and counselors has successfully enabled thousands of seniors from coast to coast to better manage their money and protect themselves.
This year, the Institute has designated the Senior Financial Safety program for our annual fundraising appeal. Our goal with this campaign is to raise $55,000 to provide free financial education classes to more than 5,500 additional individuals at senior centers, churches and retirement communities in all 50 states. This is an ambitious goal but one we are confident we can achieve with your timely financial support. Together we can ensure that our seniors receive the proper education and support they deserve.
In these difficult economic times, I ask that you give generously to a national campaign that is providing education, guidance and hope to a vulnerable senior population.
For more information about our campaign or to make a secure donation online, please visit www.MyIFL.org.
I thank you very much for taking the time to consider my request and trust you will join me in supporting this worthwhile cause.
