Earlier this week, Dr. Nancy Hoffman, neuropsychologist and I (Geriatrician in the Greater San Francisco Bay Area) presented a talk about undue influence and how to address financial elder abuse. Today, I read that Sumner Redstone, 92, is ousting long time CEO/directors of his $40 billion dollar empire (including CBS and Viacom) and his estranged daughter (and VP of Viacom) is taking control. There seems to be a lot of legal action and uncertainty about the next steps for these businesses.
Financial elder abuse is much more common than most of us wish to think. Some believe that it will be the greatest crime of the 21st Century. This abuse doesn't always come from 'scammers' outside the house or on the phone. Often, sadly, it comes from relatives of the elder. When you add dementia to the mix, it's a terrible problem.