Methinks Frank Mckenna, Dominic Leblanc , Brian Gallant and legions of other lawyers know that I know more about this issue than Rick Hancox and Dan Noel do N'esy Pas?
Senior financial abuse an 'unknown epidemic'
Comments
David Amos
Methinks Frank Mckenna, Dominic Leblanc , Brian Gallant and legions of other lawyers know that I know more about this issue than Rick Hancox and Dan Noel do N'esy Pas?
David Guitard
The only financial abuse we have is from our governments.
David Amos
@David Guitard Methinks banksters are just as bad N'esy Pas?
Miles Long
Just ask nursing homes as they find the family is usually spending the money on themselves and not their parent.
David Amos
@Miles Long Sometimes they are in on the wicked game
daryl doucette
" Power of Attorney" is the best way to steal some ones money. Once you sign those papers, unless the person is honest, they can steal all your money and there is absolutely NOTHING other family members can do to get the money back. So people...BEWARE of who you get to be Power of Attorney for yourself or your loved ones.
David Amos
@daryl doucette YUP
Norman Albert Snr
Money(greed) does bring out the worst in people....more so I guess within families. That sometimes makes it harder to report or stop.
David Amos
@Norman Albert Snr YUP
Norman Albert Snr
@David Amos Makes you almost happy you're poor!!! Sorry kids spent it foolishly!!
No body abuses seniors more then Government. $8 raise last year in OAS.
No body abuses seniors more then Government. $8 raise last year in OAS.
David Amos
@Norman Albert Snr OAS. is all I have and I had to fight for that after the government had cancelled my SIN years ago
SarahRose Werner
"Noel advises seniors to have more than one person with power of attorney, so there's more accountability among family members." That worked well in my mother's case, where three of us shared POA. Mom moved to be closer to one of my brother's. When he went to open an account for her at his bank, the *bank* advised him to open a joint account for himself and her rather than an account in her name to which her POAs had access. I found this out when I tried to access the account transactions to see what was going on with her expenses and got bro to fix it pronto!
David Amos
@SarahRose Werner You are wise
Addie lingley
well I'll be the first to say there is no help out there as we have been down this road with a certain family member and have NOT RECEIVED any HELP , nothing, last lady I spoke with took over a half hr or more on phone, sounded really empathetic to my call, took lots of notes and she stated she would contact me back, never heard anything ever again. so our case was definitely reported but no feedback or help to speak of.
daryl doucette
@Addie lingley they just keep passing you to another agency. And when you call the police, this is what is really amusing, they don't do anything either because its a " civil " matter.....so its basically ok to steal some ones money " with a pen"....
Content disabled.
David Amos
@daryl doucette YUP
David Amos
@daryl doucette Methinks it must not be politically correct to agree with you N'esy Pas?
Senior financial abuse an 'unknown epidemic'
Power of attorney is one tool family members use to take advantage of seniors, financial adviser says
Senior financial abuse is growing in New Brunswick, and it's mostly happening among family members, a Moncton financial adviser says.
Financial abuse typically starts when family members are given power of attorney, said Dan Noel, a portfolio manager with Wyverstone Capital and IA Securities Inc., and a personal finance columnist.
"The old power of attorney — when people see money they make bad decisions," Noel said.
From there, the woman met with a lawyer, who determined she had full mental capacity and could make her own decisions.
Eventually, the power of attorney was changed, and the senior was able to say where her assets were to go when she died.
But that's not always the case.
In Canada, Noel said, financial abuse of seniors is an "unknown epidemic" and will become even worse as the senior population increases.
"As people age, that little nest egg that they've saved is their comfort," he said. "That's what they know they have in case they need care or new clothes or [food] to eat."
Noel said seniors can also get into trouble when they agree to joint accounts with family members for estate planning purposes.
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Moncton financial adviser Dan Noel says he believes financial abuse of seniors is an under-reported crime, and it can begin when a senior gives a family member power of attorney. (contributed)"The minute you do that, you're basically giving that account to that person," he said. "They have free rein with it."
Although Noel doesn't think powers of attorney or joint bank accounts are created for malicious purposes, they sometimes end up that way.
"People see the money and think they should be reimbursed or compensated for what they're doing," he said.
"It just becomes easier and easier when you have access to somebody else's savings and full legal access."
Noel advises seniors to have more than one person with power of attorney, so there's more accountability among family members.
He also advises seniors to avoid becoming isolated and to have good relationships with their lawyers, accountants and financial planners.
"It's [the job of] the financial services industry, along with the legal industry, to look after these clients as they age and to make sure everything passes to the next generation as they want it to, not as somebody else wants them to."
Noel also recommends seniors who suspect wrongdoing talk to police to see if charges are warranted.
Rick Hancox, CEO of New Brunswick's Financial and Consumer Services Commission, also advises seniors to report problems to their bank and to get credit cards cancelled or reissued.
"I would suggest there aren't too many seniors who get their money back after it's been taken," Hancox said.
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Rick Hancox, CEO of the New Brunswick Financial and Consumer Services Commission, says senior financial abuse is underreported. The commission is working with regulators across North America to identify some of the issues. (CBC )He said financial abuse of seniors is underreported.
For years, Hancox said, the commission has been working with other regulators across North America to identify some of the issues related to the abuse and how they can dealt with.
Hancox referred to a case in Moncton this spring where two Moncton real estate agents lost their licences after committing financial abuse by taking advantage of a vulnerable senior and homeowner.
In a survey the commission did this spring, he said, 25 per cent of 600 respondents said they knew senior victims of a scam or had been victims scam themselves as seniors. Only 34 per cent of them reported that scam.
"It's an underreported area but we think it's a serious area," Hancox said. "People are taking advantage of seniors for their own financial gain."
Financial abuse typically starts when family members are given power of attorney, said Dan Noel, a portfolio manager with Wyverstone Capital and IA Securities Inc., and a personal finance columnist.
"The old power of attorney — when people see money they make bad decisions," Noel said.
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As people age, that little nest egg that they've saved is their comfort.- Dan Noel, financial adviserThis led the woman to speak with another family member, who put the woman in touch with Noel.
From there, the woman met with a lawyer, who determined she had full mental capacity and could make her own decisions.
Eventually, the power of attorney was changed, and the senior was able to say where her assets were to go when she died.
But that's not always the case.
Getting greedy
In Canada, Noel said, financial abuse of seniors is an "unknown epidemic" and will become even worse as the senior population increases.
"As people age, that little nest egg that they've saved is their comfort," he said. "That's what they know they have in case they need care or new clothes or [food] to eat."
Noel said seniors can also get into trouble when they agree to joint accounts with family members for estate planning purposes.
Although Noel doesn't think powers of attorney or joint bank accounts are created for malicious purposes, they sometimes end up that way.
"People see the money and think they should be reimbursed or compensated for what they're doing," he said.
"It just becomes easier and easier when you have access to somebody else's savings and full legal access."
Advice to seniors
Noel advises seniors to have more than one person with power of attorney, so there's more accountability among family members.
He also advises seniors to avoid becoming isolated and to have good relationships with their lawyers, accountants and financial planners.
"It's [the job of] the financial services industry, along with the legal industry, to look after these clients as they age and to make sure everything passes to the next generation as they want it to, not as somebody else wants them to."
Noel also recommends seniors who suspect wrongdoing talk to police to see if charges are warranted.
Rick Hancox, CEO of New Brunswick's Financial and Consumer Services Commission, also advises seniors to report problems to their bank and to get credit cards cancelled or reissued.
"I would suggest there aren't too many seniors who get their money back after it's been taken," Hancox said.
Financial abuse a 'serious' issue
For years, Hancox said, the commission has been working with other regulators across North America to identify some of the issues related to the abuse and how they can dealt with.
Hancox referred to a case in Moncton this spring where two Moncton real estate agents lost their licences after committing financial abuse by taking advantage of a vulnerable senior and homeowner.
In a survey the commission did this spring, he said, 25 per cent of 600 respondents said they knew senior victims of a scam or had been victims scam themselves as seniors. Only 34 per cent of them reported that scam.
"It's an underreported area but we think it's a serious area," Hancox said. "People are taking advantage of seniors for their own financial gain."
With files from Information Morning Fredericton
CBC's Journalistic Standards and Practices