Opinion - There has been a spike in the number of older members of the community falling victim to financial abuse from their adult children, who often believe they are entitled to their parents’ money.
Financial elder abuse, ranging from blatant threats relating to money to not repaying loans, defrauding bank accounts or stopping visits and support until money is handed over by family members, is rife.
Last week, two Durban sisters narrowly dodged going to prison only after they had repaid the money they’d stolen from their vulnerable mother, who was in the customary 40-day mourning and praying period following the sudden death of their father.
Anisa Sayed Khan, 39, and Zaadhaya Khan, 33, were found guilty of stealing from their mother in 2016, for which they were sentenced in the Durban Regional Court.
They siphoned more than R1.5million from their biological mother’s bank account after gaining her internet banking details.
It is bad enough that elderly folk are having their entire life’s savings or pension pay-outs embezzled by scamsters promising big returns on investments.
Now lawyers and social workers are facing a frightening epidemic of elder financial abuse, where parents are being cheated by their own children.
Often the old folk are made to unwittingly sign away vast sums of money or even transfer ownership of their house.
For ages, we have heard stories of families falling out over who gets what upon the death of a relative. The safes are raided for the last will and testament while the body is still warm. Permanent divisions and deep wounds have resulted from the wrangling over inheritance.
Nowadays it is becoming more regular that courts are approached to rule on family squabbles while the relative is still alive.
A common trick used to dupe parents of their house is when a child employed by the state - such as a teacher, police officer, prison officer or nurse - proposes the property be transferred to his or her name as he or she qualifies for a housing subsidy.
The parent is promised payment of the housing subsidy, which does not happen.
Before long the daughter-in-law begins reminding the parent the house no longer belongs to them, and it is only a matter of time before the old person is relegated to the outbuilding with an old-style box television or, worse still, finds themself standing with suitcases in front of the Aryan Benevolent Home.
As much as this may sound a strong statement, the aged must not trust their own children 100%.
I know of someone who only partly contributed towards the construction of the family house and the bond repayments. However, the house was transferred to his name by his ailing mother because he received a state subsidy.
Recently, encouraged and supported by his crafty wife, he gave his three unmarried sisters, who bore the greatest burden of bond repayments, the boot.
Children of today are mostly materialistic. They have a preoccupation with possessions and the belief that products - houses, cars, home appliances, diamonds, and stock market shares - provide happiness and success.
With people living longer, some children are becoming impatient and want a share of their inheritance much earlier, even if it means employing deceptive means. They do not place a high emphasis on values such as gratitude, empathy and delayed gratification. For them, parents no longer occupy an exalted position and are regarded as fair game for deceit.
Also, when times are hard, and the economic climate is as it is, and people are without work, people become desperate, which can make them financially abuse someone close to them. When times are better, they wouldn’t be presented with the moral dilemma of whether to steal from their source of life.
Senior citizens should choose the services of a trusted financial adviser who comes highly recommended by an authentic source.
With so many lawyers recently being caught out for being in cahoots with criminals, how do you find an honest lawyer?
Can it be true there are only three lawyer jokes in existence because all the rest are true stories?
Older folk will do well to consult with a large partnership of attorneys, preferably one that has been around for a long time.
It is easier for fraud to be committed in a one-man practice.
One of the best pieces of advice aged parents can be given is never to sign over their house to a trusted family member.
A house can be among a senior’s most valuable assets.
If maintenance and upkeep of the house are a problem and the children may do a better job of this than the parents, the house may be transferred provided there is a usufruct clause that ensures the parents have use and enjoyment of the property for as long as they live.
Parents must also be guarded about granting children power of attorney - this designation can be abused in order to acquire money, assets, and possessions.
They must also be cautious about opening a joint bank account so that a family member can more easily make payments or withdrawals on their behalf and help manage their finances.
A joint bank account can also serve as an easy way for theft and abuse to occur.
The older folk must not cut themselves off from the outside world, as this will only make it more difficult for others to detect warning signs that they are being financially abused.
While munching on samoosas or sev and nuts during the regular gatherings of the senior citizens’ club, vulnerable folk can share their fears and concerns with their peers and seek sound, trusted advice.
Those who suspect financial elder abuse must realise this trend is disturbing and should be treated as a crime.
There must be a zero-tolerance approach to any abuse, whether through neglect, financial manipulation or physical or mental cruelty.
There needs to be a criminal charge of elder abuse. There are more laws to protect children and animals than there are for older people.
* Devan is a media consultant and social commentator. Share your thoughts with him on : [email protected]
POST