lichtenberg financial decision screening scale
TRANSCRIPT
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