Awareness is the beginning of a strategy to protect yourself and your family.
February 13, 2023.
As people age, they become increasingly vulnerable to financial abuse. Financial abuse of the elderly occurs when someone uses deceit, manipulation, or coercion to gain control over an elderly person's money or assets. Sadly, financial abuse is one of the most common forms of elder abuse, and it can have devastating consequences for seniors.
Elder financial abuse can take many forms. For example, it may involve a caregiver or family member stealing money or property from an elderly person. It may also involve a scam artist posing as a government official or a bank employee, convincing the senior to hand over personal information or money. In some cases, an elderly person may be coerced or manipulated into changing their will or power of attorney, giving the abuser control over their finances.
The effects of financial abuse can be devastating for elderly individuals. Not only can it cause financial harm, but it can also result in a loss of independence and dignity. Victims of financial abuse may also suffer from emotional distress, feelings of betrayal and shame, and even physical harm.
To prevent financial abuse of the elderly, it is important for families and caregivers to be vigilant and to take steps to protect their loved ones. Here are some tips for preventing financial abuse:
Stay in touch: Regular communication is key. Elderly individuals who are isolated and lonely are more vulnerable to financial abuse. Make sure to check in with your loved ones frequently, whether in person or by phone.
Monitor accounts: Keep a close eye on your elderly loved one's bank accounts and credit cards. Be on the lookout for any unusual or suspicious activity.
Educate seniors: Help your loved ones understand common scams and frauds targeting the elderly. Encourage them to be cautious when receiving unsolicited calls, emails, or letters.
Plan for the future: Put a plan in place for managing finances in the event of illness or incapacity. This may involve creating a power of attorney, naming a trusted family member as a financial guardian, or setting up a trust.
Get legal help: If you suspect that your loved one has been the victim of financial abuse, it is important to seek legal help right away. An experienced elder law attorney can help you take the appropriate steps to protect your loved one's finances and well-being.
Financial abuse of the elderly is a serious problem that can have devastating consequences for seniors. By staying vigilant and taking proactive steps to protect your loved ones, you can help prevent this form of abuse and keep your elderly family members safe and secure.
