LICHTENBERG FINANCIAL DECISION

SCREENING SCALE

DECEMBER 11, 2014

FINANCIAL EXPLOITATION OF

OLDER ADULTS

Older adults are vulnerable to the potential

loss of both:

• Financial skills and financial judgment

• Ability to detect and therefore prevent financial exploitation.

Lori Stiegel, J. D.

http://generations.metapress.com/content/7523571065012268/

FINANCIAL CAPACITY ASSESSMENT

Financial exploitation and financial capacity issues often overlap

Professionals lack a consistent, easy to use tool to help evaluate a person’s ability to engage in various financial transactions

FINANCIAL CAPACITY ASSESSMENT

Attorneys Financial Planners Bankers Investment Brokers Insurance Agents Accountants Adult Protective Services Workers Police/Law Enforcement Case Managers

KEY COMPONENTS OF THE FINANCIAL

DECISIONAL ABILITIES MODEL

• Lichtenberg Financial Decision

Screening Scale (LFDSS)

• Lichtenberg Financial Decision

Making Rating Scale (LFDRS)

FINANCIAL DECISION MAKING

SCALES

Lichtenburg Financial Decision Screening Scale (LFDSS)

The LFDSS is a 10-item screening scale designed to screen an older adult’s financial decisional abilities.

Elements of the LFDSS are based on the decisional abilities involving the communication of:

• Choice

• Rationale

• Understanding

• Appreciation

• Administered in an interview format

• Multiple choice

• Focuses on the potential for financial exploitation and/or undue influence

• Professional does the rating

• Overall judgment score based in part on “don’t know” or inaccurate responses.

Lichtenburg Financial Decision Screening Scale (LFDSS)

• The vast majority of financial transactions have no financial exploitation and/or undue influence present but screening is still useful

• Use of the LFDSS permits documentation of the client’s appreciation of the import of the estate planning work they are completing

• Documents the file in anticipation of subsequent contests

Lichtenburg Financial Decision Screening Scale (LFDSS)

If the LFDSS raises concerns, LFDRS is an in depth tool to further evaluate an

individual’s: Financial awareness Psychological vulnerabilityAbility to Appreciate the Current

Decision/Transaction Past financial choices, rationale and

appreciation Risk of financial exploitation and undue

influence

Lichtenburg Financial Decision-Making Rating Scale (LFDRS)

To date, 85 LFDSS have been administered

• 40 from Attorneys• 35 from APS Workers

• 5 from Financial Planners

-Peter Lichtenberg

Lichtenburg Financial Decision Screening Scale (LFDSS)

Peter A. Lichtenberg, Ph.D. is the Director of both the Institute of Gerontology and the Merrill Palmer Skillman Institute and the Founding Director of the Wayne State University Lifespan Alliance. He has overseen the growth of community outreach for older adults and for the professionals who work with them.

Dr. Lichtenberg is a national expert in financial capacity assessment and financial exploitation of older adults. He has

published articles on psychological vulnerability and fraud and on his new instrument the Lichtenberg Financial Decision

Making Rating Scale.

http://www.iog.wayne.edu/profile/peter.lichtenberg

Dr. Peter Lichtenberg

HOWARD H. COLLENS

GALLOWAY AND COLLENS, PLLC26075 WOODWARD AVENUE

SUITE 200

HUNTINGTON WOODS, MICHIGAN 48070

248.545.2500

GALLOWAYCOLLENS.COM

Twitter: @howardcollens