Linda Magel’s father died last year; he suffered from early-on set Alzheimer’s disease and ultimately died from cancer. But it wasn’t until about a month after his death that Linda realized that something was terribly wrong with her father’s finances. She discovered that roughly $118,000 was missing from her father’s savings. His bank statements indicated that the withdrawal occurred at a Chase bank branch that he had never visited.
After a thorough investigation, she realized that a bank employee had taken advantage of her father. The employee stole a certificate of deposit that was worth $105,000. He also withdrew other funds using a forged signature. Her father wanted his life savings to go to his heirs, but the funds were simply not there. Chase eventually refunded the money, but it took a great deal of effort to get the money back.
This case is a reminder of the very real problem associated with other people taking advantage of the elderly, especially those with Alzheimer’s disease or another form of dementia. Stealing from the elderly as in this example is a form of elder abuse, and it is a criminal offense. It also emphasizes the importance of having a solid estate plan and keeping good records so that your heirs are aware when money is missing.
To speak with an attorney about elder abuse or to set up a solid estate plan to avoid situations such as these, contact an experience elder law attorney. The attorneys at Temmerman, Cilley & Kohlmann are available to help. Call our San Jose office at 408-780-1912 or our Danville office at 408-780-1912 or contact Temmerman, Cilley & Kohlmann, LLP online today.