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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 a...
FINANCIAL CAPACITY ASSESSMENT 
 Financial exploitation and financial 
capacity issues often overlap 
 Professionals lack...
FINANCIAL CAPACITY ASSESSMENT 
 Attorneys 
 Financial Planners 
 Bankers 
 Investment Brokers 
 Insurance Agents 
 A...
KEY COMPONENTS OF THE FINANCIAL 
DECISIONAL ABILITIES MODEL
FINANCIAL DECISIONMAKING 
SCALES 
• Lichtenberg Financial Decision 
Screening Scale (LFDSS) 
• Lichtenberg Financial Decis...
Lichtenburg Financial Decision 
Screening Scale (LFDSS) 
 The LFDSS is a 10-item screening scale designed to 
screen an o...
Lichtenburg Financial Decision 
Screening Scale (LFDSS) 
• Administered in an interview format 
• Multiple choice 
• Focus...
Lichtenburg Financial Decision 
Screening Scale (LFDSS) 
• The vast majority of financial 
transactions have no financial ...
Lichtenburg Financial Decision-Making 
Rating Scale (LFDRS) 
If the LFDSS raises concerns, LFDRS is an 
in depth tool to f...
Lichtenburg Financial Decision 
Screening Scale (LFDSS) 
To date, 85 LFDSS have been 
administered 
• 40 from Attorneys 
•...
Dr. Peter Lichtenberg 
Peter A. Lichtenberg, Ph.D. is the Director of both the Institute 
of Gerontology and the Merrill P...
HOWARD H. COLLENS 
GALLOWAY AND COLLENS, PLLC 
26075 WOODWARD AVENUE 
SUITE 200 
HUNTINGTON WOODS, MICHIGAN 48070 
248.545...
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Lichtenberg Financial Decision Screening Scale

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Financial capacity assessment for older adults using the Peter Lichtenberg Financial Decision Screening Scales

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Lichtenberg Financial Decision Screening Scale

  1. 1. LICHTENBERG FINANCIAL DECISION SCREENING SCALE DECEMBER 11, 2014
  2. 2. 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/
  3. 3. 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
  4. 4. FINANCIAL CAPACITY ASSESSMENT  Attorneys  Financial Planners  Bankers  Investment Brokers  Insurance Agents  Accountants  Adult Protective Services Workers  Police/Law Enforcement  Case Managers
  5. 5. KEY COMPONENTS OF THE FINANCIAL DECISIONAL ABILITIES MODEL
  6. 6. FINANCIAL DECISIONMAKING SCALES • Lichtenberg Financial Decision Screening Scale (LFDSS) • Lichtenberg Financial Decision Making Rating Scale (LFDRS)
  7. 7. 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
  8. 8. Lichtenburg Financial Decision Screening Scale (LFDSS) • 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.
  9. 9. 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
  10. 10. Lichtenburg Financial Decision-Making Rating Scale (LFDRS) If the LFDSS raises concerns, LFDRS is an in depth tool to further evaluate an individual’s:  Financial awareness  Psychological vulnerability  Ability to Appreciate the Current Decision/Transaction  Past financial choices, rationale and appreciation  Risk of financial exploitation and undue influence
  11. 11. Lichtenburg Financial Decision Screening Scale (LFDSS) To date, 85 LFDSS have been administered • 40 from Attorneys • 35 from APS Workers • 5 from Financial Planners -Peter Lichtenberg
  12. 12. Dr. Peter Lichtenberg 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
  13. 13. HOWARD H. COLLENS GALLOWAY AND COLLENS, PLLC 26075 WOODWARD AVENUE SUITE 200 HUNTINGTON WOODS, MICHIGAN 48070 248.545.2500 GALLOWAYCOLLENS.COM Twitter: @howardcollens

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