Financial elder abuse occurs when individuals exploit older adults for their financial resources. This can involve family members, caregivers, business associates, or even strangers taking advantage of the trust placed in them. Tactics used in financial elder abuse include the unauthorized use of a senior’s assets, obtaining power of attorney through deceitful means, or committing acts of fraud. This form of abuse can have devastating effects on the financial well-being and overall quality of life of a person’s life.
Signs of Financial Elder Abuse
Identifying financial abuse can be challenging for victims and their loved ones, making it hard for them to seek help. However, there are specific warning signs to be aware of in such situations:
- Rapid changes in a senior’s bank accounts, including account withdrawals or adding new names onto cards and accounts
- New close friends who know a significant amount about the senior’s personal and financial life
- Recent and unknown changes to mortgages, Last Will and Testament, deeds, trusts, and property titles
- Unpaid bills, past due notices, or letters from collection agencies, even if there is adequate financial recourse
- Relatives who have previously been noninvolved showing up and claiming their rights to the senior’s possessions or property
- A sudden transfer of assets to an individual outside the family
- Changes in spending habits
- Stressing about money or acting weird
It should also be noted that victims of abuse may feel apprehensive about reporting their situation because they are afraid of the potential repercussions. For instance, they might fear losing their independence if their sole caregiver is found guilty of abuse and they are subsequently placed in a care facility against their will.
What To Do If You Suspect Financial Elder Abuse?
If you or someone you know has fallen victim to elder financial abuse, it is crucial to take immediate action to prevent further unauthorized transactions. Begin by contacting their designated power of attorney, if applicable, or their banking institutions to halt any suspicious activities.
Additionally, consider informing their legal representative, if they have one, and contacting state regulatory authorities overseeing banking and securities to report the abuse. In cases of elder financial abuse, enlisting the support of an experienced elder financial abuse lawyer may also be necessary to facilitate the recovery of any misappropriated assets.
Things To Do To Prevent Elder Financial Abuse
If you are a senior who is concerned about the possibility of being financially exploited, certain tips may be able to help prevent these issues:
Reduce Scams
To reduce the risk of falling victim to phone scams, register with the national Do Not Call registry. You can complete the registration process by visiting the official website DoNotCall.gov or calling 1-888-382-1222 from the specific phone number you wish to register.
Personal Information Protection
Before disposing of any personal information in the trash, try to use a shredder to destroy all bank documents, credit card receipts, and financial records to protect sensitive information from being accessed by unauthorized individuals.
Background Checks
When hiring someone for in-home care, conduct a comprehensive background check on the individual. This may include checking their criminal record, verifying their employment history, and contacting their references to ensure they are a suitable and trustworthy candidate for the role.
Contact Losavio & DeJean Today and Learn More About Elder Financial Abuse
Understanding the full scope of financial elder abuse can be complex, and the emotional toll of uncovering such abuse is significant. If you suspect that you or a loved one has fallen victim to fraudulent financial activities, consider speaking with an experienced elder abuse attorney about their rights. These legal professionals may be able to guide you through the process of recovering the funds that have been wrongfully taken.
For further information about elder financial abuse and your legal options, contact Losavio & DeJean, The Louisiana Elder Law Firm, and speak with our experienced legal team.