One out of every 20 older adults in the United States will be a victim of financial exploitation this year, according to experts, and the rates are rising.
Savings accounts are looted, credit cards and identities are stolen and homes are lost.
A documentary entitled “Last Will and Embezzlement” focuses on this situation and will be prviewed during showings this month in West Bloomfield and Clinton Township.
Prevention is the best defense against this exploding problem and Dr. Peter Lichtenberg, director of the Institute of Gerontology at Wayne State University, has created the Lichtenberg Financial Decision-Making Rating Scale to do just that.
He said initial studies confirm the scale as a reliable tool in determining older adults’ vulnerability to fraud and ability to manage their money.
The assessment asks a series of questions to uncover whether a person may be under undue influence, be psychologically susceptible to outside influence, or unable to make sound, rational financial decisions.
“We aren’t trying to usurp a person’s independence,” Lichtenberg said. “We want to balance autonomy with protection and determine how best to educate and support older adults most at risk of being exploited.”
The scale can be administered by financial professionals, psychologists and psychiatrists.
Lichtenberg will discuss his findings as part of the “Safeguarding the Golden Generation” panel and movie preview Sept. 30, from 6:30-9:30 pm at the Berman Center for the Performing Arts in West Bloomfield.
The evening analyzes the multiple ways older adults are exploited and kicks off with “Last Will and Embezzlement,” a documentary about financial abuse starring Hollywood icon Mickey Rooney.
A considerable amount of Rooney’s own finances were embezzled by a family member. Producer Pamela Glasner, whose father was also a victim of financial fraud, will provide comments.
Other experts on financial exploitation include former Macomb County prosecutor Steve Kaplan, elder care attorneys Kathryn Sussman and Monica Moons, and Theresa Russo of the Alzheimer’s Association of Southeast Michigan.
Ticket prices range from $18-$29 and can be purchased for the Berman Center event by calling 248.661.1900 or visiting theberman.org/box-office.
The movie will also be shown on Sept. 25 at the Italian American Cultural Center in Clinton Township.
Presenters include Macomb County prosecuting attorney Eric Smith, attorney Jocelyn Benson of the Wayne State University School of Law, director Suzanne Faunce of Stop Crimes against Macomb Seniors, and elder care attorney Terri Giampetroni.
Tickets for the Macomb event are available at the door or by calling 586.806.9875.
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