As clients continue to age, advisors are being warned to watch for signs of elder abuse.
The North American Securities Administrators Association (NASAA) has released a publication warning of financial abuse by guardians of incapacitated people.
“Through this resource, we hope to help focus attention on the warning signs of suspected guardian financial abuse,” says NASAA president and Alabama Securities Commission Director Joseph P. Borg, in a release.
Here are some red flags of suspected guardian financial abuse.
- Using guardianship authority to transfer property for the guardian’s benefit.
- Receiving personal payments from a protected person without court permission.
- Authorizing frequent cash withdrawals from the protected person’s accounts without explanation.
- Using or borrowing property for personal benefit without court authorization.
- Making unexplained decisions that are not in the protected person’s best interest.