Financial Safety for Seniors

What is Financial Exploitation?

• Using a power of attorney or joint bank account to take a senior’s money or property
• Using pressure, deception or undue influence to take an older person’s money or property
• Scaring or deceiving an older person into sending money to someone (commonly through telemarketing scams)

Signs of Financial Exploitation

• Inconsistent, unexplainable, or suddenly increased financial activity (checks written out of order, new credit cards, etc.)
• Evasiveness or confusion over account depletion
• Constant companionship by a new friend
• Increased isolation or sudden estrangement from family or friends
• Abrupt and unexpected changes in a will, trust, power of attorney, etc. in favor of a new friend
• Changes in physical appearance or personal hygiene

Who May Try to Exploit Seniors?

• Family members
• Friends, acquaintances or others in a position of trust
• Hired (professional or volunteer) caregivers
• Professionals in a position of trust
• Professional criminals who target the elderly

Is Financial Exploitation a Crime in Maine and New Hampshire?

Yes. A state law has been put in place to make financial abuse of elderly, disabled, or impaired adults a crime in New Hampshire. (RSA 631:9 and 631:10)

Some key provisions of the law include broadening protection beyond “incapacitated” adults and ruling the following as crimes:

• If a fiduciary (agent, guardian, etc.) knowingly or recklessly takes advantage of an elderly, disabled, or impaired adult for someone else’s benefit
• If a person seeks to gain control of interest or property from an elderly, disabled, or impaired adult who they have reason to believe lacks the capacity to consent
• If someone uses undue influence or other improper means to establish a fiduciary relationship with an elderly, disabled, or impaired adult that gives the person control or interest in property or financial resources
• If a person harasses, forces, compels, or uses undue influence to control the property of an elderly, disabled, or impaired adult

Is It Possible to Sue in Civil Court to Get Money or Property Back?

It is a possibility. However, once money is taken, it is very difficult to get it back. Most often the money has already been spent and the exploiter has no assets. Which means that if you are successful in getting a civil judgment against the exploiter, you may not have any way to collect the money. It may be easier to get back property such as a home.

Ways to Avoid Financial Exploitation

• Keep in touch with friends and loved ones. If you are isolated, you are more of a target.
• Never provide personal information (including your Social Security, Medicare, or PIN numbers or your credit card or account information) to others including in response to texts, emails, or calls regardless of who they claim to be or where they claim to be calling from.
• Do not sign blank checks, give anyone your credit or debit cards, or leave money or personal information lying around.
• Never wire money to strangers under any circumstances regardless of who they claim to be or how urgent the situation.
• Avoid scams like prizes you have suddenly “won.” You cannot win a contest you didn't enter, and it is illegal to participate in foreign lotteries. If it sounds too good to be true, it probably is.
• Check your financial statements frequently and look for any activity that is inconsistent, unexplainable, or suddenly increased.
• Monitor your credit report annually by visiting annualcreditreport.com or calling 1.877.322.8228.
• Get written estimates before you hire someone to work. Agree on a price and don’t pay until the work is complete.
• Do not accept calls from any person you do not know. Use caller ID, and don’t answer the phone if you don’t recognize the telephone number. Studies show that consumers who answer unsolicited telephone calls are much more likely to be scammed than those who do not answer.
• As a precaution, you can put all your phone numbers on the Do Not Call List by calling 1.888.382.1222 or at donotcall.gov. All calls may not stop, especially from determined scammers.
• If necessary, get an unlisted phone number. 
• Use a document shredder for all discarded paperwork and credit card offers.
• Consider enlisting a trusted family member or reputable bill-paying service. 
• Use caution utilizing joint accounts as a method of planning for incapacity, avoiding probate, or getting help with paying your bills. Both parties are equal owners and have equal access.
• Execute a power of attorney only if you can appoint an agent you trust completely and only after consultation with an attorney. Be aware of gifting clauses in power of attorney documents. You can and should limit the power you give your agent. Only grant authority that is absolutely necessary.
• If you feel overwhelmed with your daily finances, hire a money manager and speak to an attorney about an estate plan.
• Never convey or quitclaim an interest in real estate without consulting an attorney.

Where You Can Find Help

Maine

• Office of Aging and Disability Services Adult Protective Services: 1.800.624.8404
  • Provides services to protect incapacitated and/or dependent adults
• Legal Services for the Elderly: 1.800.750.5353
  • Provides free, high-quality legal services to Maine's socially and economically needy elderly age 60 and over
• Local Area Agency on Aging: 1.877.353.3771
  • Provides answers on aging and access to resources that help older and disabled adults live well in their homes and communities
• Your local Police Department
• Bangor Savings Bank Visit your local branch or call our Bangor Support team: 1.877.226.4671

New Hampshire

• NH Bureau of Elderly and Adult Services - Adult Protective Services Central Intake: 1.800.949.0470
• Elder Abuse and Exploitation Unit of NH Attorney General: 603.271.3658
• Your local Police Department
• NH Legal Assistance Justice in Aging Project: 1.888.353.9944
  • Provides free civil legal help to persons age 60 and older
• ServiceLink Aging and Disability Resource Centers: 1.866.634.9412
  • Provides free information and referrals for older adults and people with disabilities
•  2-1-1 New Hampshire: Dial 211 
  • Connects callers to information about available health and human services
• NH Legal Assistance: 1.888.353.9944, 711, or 1.800.735.2964
• Bangor Savings Bank Visit your local branch or call our Bangor Support team: 1.877.226.4671