Support for Families - Protecting your loved one

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Let's face it, we are entering a time where senior living can be complicated, and often family members find themselves stepping in to help their loved ones manage various aspects of their once independent lives. We are also in an era where you may not have family available to step in and help you as your life is facing changes. With family estrangements, long distance living, or no available family on the rise; you need a support team on your side to step in and help when it matters most.  Keystone Management Services can assist you with managing short and long-term expenses and making essential financial decisions. 

We've all heard versions of Elder Financial exploitation. It is scary and sickening. Where family members create major disputes or problems over assets instead of focusing on the care of their loved one. Elder financial exploitation, or elder financial abuse, involves the illegal or improper use of an older adult’s funds, property, or assets. According to FinCEN's analysis from June 2022 to June 2023, financial institutions filed 155,415 suspicious activity reports related to elder financial exploitation, associated with more than $27 billion in suspicious activity. The FBI's 2024 Internet Crime Report indicates $4.885 billion in losses from 147,127 complaints by individuals aged 60 or older, a 46% increase in complaints and 43% in losses from 2023. AARP estimates that victims of elder financial exploitation lose $28.3 billion annually, with one in five Americans over 65 being a victim.

The U.S. Securities and Exchange Commission (SEC) highlights cognitive decline as a key factor in elder financial exploitation, noting that it can begin with financial impairment as an early sign, leading to increased susceptibility to scams. The SEC identifies health-related effects of aging, including physical decline and dependence, as risk factors for elder financial exploitation, alongside financial trends like retirement and demographic shifts. In a 2024 statement, the SEC emphasizes that elder financial exploitation is a growing money laundering threat, linked to more than $3 billion in reported financial losses annually.

Dementia and Mild Cognitive Impairment significantly impairs financial management, often leading to costly errors years before a formal diagnosis. A 2023 University of Michigan study found that people diagnosed with dementia experienced a more than 60% decline in net worth and doubled out-of-pocket health spending within eight years of diagnosis. A Johns Hopkins study showed that Medicare beneficiaries with dementia missed credit card payments five years before diagnosis and had 21% higher delinquency rates on credit cards two years prior, while mortgage delinquency was 11% higher three years prior. A 2018 Health and Retirement Study (HRS) revealed that 7.4 million older US adults with dementia or cognitive impairment nondementia (CIND) were managing household finances, with 32.3% of those with dementia and 37.7% with CIND owning risky assets like stocks. About 14% of adults 65 and older have dementia, with another 15% having mild cognitive impairment (MCI), totaling 29% with diminished decision-making capacity. NIA-funded research indicates missed payments and lower credit scores can signal dementia years in advance.

Not only will we give our best efforts towards protecting you or your loved one against exploitation, fraud, and unwarranted influence over their money, we will also make sure their financial documents are organized and ready for review at any time. 

At Keystone Management Services LLC, we understand that you have a lot on your plate and that it is easy to feel overwhelmed sometimes. We are ready to provide compassionate daily money management and bookkeeping to help protect your loved one from these risks, ensuring financial stability and peace of mind your family. Hiring privately paid aides to assist in care? We can help with payroll and subcontractor payments too. Contact us to discover how we can support you.