Watching Mom’s Money

It seems I am very often dealing with cases where the son, daughter or other “trusted” person steals from mom or dad late in life.  That is, when mom and dad are most vulnerable their most trusted loved ones are stealing from them.  Yes, it’s sometimes called “borrowing” and sometimes called “payment for services” and sometimes there is some other justification. However, in most cases it really is THEFT.  If you are in charge of your parent’s affairs it’s important to watch things closely. Keep track of all bank statements, investment accounts, and the like.  Keep track of how much cash mom is getting each month. If mom is bed-ridden and “spending” $2,5000 a month in checks made payable to “cash” then there could be a problem. Or if your bed-ridden dad is spending $300 a day, at the ATM machine, at the casino there could be a problem. Likewise, if you are caring for mom and dad and watching over their finances don’t write checks to yourself without great documentation for every penny you are reimbursing yourself for.

We can hire accountants to do forensic accountings but the costs can be great.  It’s better to keep track as you go!

We can help with financial elder abuses cases so let us know!

Let me know if you have any questions.  -John

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