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COVID-19 NOTICE:

After careful review of the COVID-19 environment, the law firm of Chayet & Danzo, LLC, will be conducting in-person appointments in our offices on a limited basis and with strict social distancing protocols.

During this time, our team will continue to diligently work remotely on all client matters and will maintain communication through email, telephone, and video conferencing. Our main office number, (303) 355-8500 will continue to be answered during our normal business hours of 8:00 a.m. to 5 p.m. Monday - Thursday and 8:00 a.m. to 4:00 p.m. on Fridays.

This decision to have limited appointments in-office while following strict social distancing protocols is in the best interest and health of our team, clients and community.

We will continue accepting new clients during this period as well as fully servicing our existing clients.

We wish you and your family continued health during these unique and challenging times.

Compassion, talent and dedication: guiding colorado families and Their Trusted Advisors During Times of Need

Could “age-friendly” banks reduce elder abuse?

When do financial decision-making abilities peak? It is probably much early that you’d imagine. Studies have found that it is the mid-50s. Then skills begin to deteriorate. “The older the wiser” adage doesn’t translate to managing finances.

The Economist recently wrote a piece about the response from the banking industry. A move is underway to become more “age friendly.” But this is a difficult line to walk. If they get it right, however, it could provide added value to aging customers. 

One-third of the wealth

As of 2010, those over the age of 65 made up a mere 13 percent of the American population, but they held more than a third of the wealth. It is not surprising that scam artists target this age group. We discussed some of the deceptive practices they use in our January blog post.

Financial abuse of the elderly has been tricky to monitor, because victims are often too embarrassed to report it. One financial-services firm puts the potential annual losses as high as $37 billion from the elder financial exploitation or abuse.

Power of attorney to “read-only” access

While many banks have been slow to respond to the risks, some are training staff to identify signs of financial abuse and even dementia. First Financial Bank now awards staff members with a “Fraud Buster” pin when they uncover a scam.

Algorithms are another way to spot changing spending patterns. A British bank has used data to identify, monitor and advise high-risk customers.

But when should banks act? This question is tough to answer. Generally, a power of attorney is the only recognized document to transfer authority when incapacitated. Sometimes this can pose its own risks if a relative takes advantage of the situation and drains an account.

This is where some experimentation may start happening. A “read-only” access would allow for monitoring of accounts and with an option to delay payments on questionable transactions.

The late detection of cognitive decline can easily cause problems. Declining financial skills can be a sign of dementia or other problems. But is might also leave aging parents and relatives without enough income to cover expenses. To address concerns and start the conversation about the decline of a loved one, speak with an elder law attorney.

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We are the premier Elder Law firm in the Colorado region. We set ourselves apart from other law firms in the area with our talent, dedication, compassion and ability of our attorneys to handle any case in Elder Law. We serve Colorado families with experience and dignity in your time of need.

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  • Rated by Super Lawyers Macro Chayet SuperLawyers.com
  • Rated by Super Lawyers Frank J. Danzo, III  SuperLawyers.com
  • Member National Academy of Elder Law Attorneys, Inc. TM
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  • 2015 Five Star Professional Wealth Manager Multi-Year Winner
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