Dementia & Cognitive Decline: Protecting Seniors from Financial Exploitation
I’m Mike Hackard with Hackard Law. The first book I wrote, The Wolf at the Door, is key to understanding the dangers of elder financial abuse. And in today’s video, we’ll explore critical warning signs of cognitive decline and how to protect vulnerable seniors from potential manipulation.
Key Red Flags to Watch For
• Sudden changes in communication patterns
• Increased reliance on others to complete tasks
• Difficulty following conversations or remembering recent discussions
• Unexplained changes in financial decision-making
How Cognitive Decline Can Be Concealed
There is an increasing acknowledgment that the American people were kept from the reality of a President’s cognitive decline. There are comparisons between the exercise of Presidential power after Woodrow Wilson’s stroke and the George Stephanopoulos interview of President Biden.
Just like the White House examples, families and caregivers might inadvertently create protective environments that mask underlying cognitive issues. This can include:
- Repeating instructions
- Limiting social interactions
- Screening information
- Helping complete tasks
Warning Signs of Potential Financial Exploitation Manipulation Tactics
- Isolating the senior from direct communication
- Controlling information flow
- Making decisions on their behalf without transparent consultation
- Limiting the senior’s independent interactions
Protective Strategies
• Regular, unfiltered medical assessments
• Independent financial reviews
• Encouraging direct communication
• Establishing multiple communication channels with the senior
When to Seek Help
- Significant memory lapses
- Difficulty completing familiar tasks
- Unexplained financial transactions
- Sudden changes in estate planning
Professional Resources
- Geriatric care managers
- Elder law attorneys
- Neurologists specializing in cognitive assessment
- Adult protective services
Remember, protecting seniors requires vigilance, compassion, and a commitment to preserving their dignity and independence. Stay informed, stay observant, and always prioritize the well-being of our most vulnerable family members.