Nursing home residents are one of the most vulnerable groups for financial abuse. Often, the perpetrator is someone close to them and whom they trust such as a family member, neighbor or caregiver. This trust is abused to lure the elder into handing over their money or assets, or to scare and coerce them into believing they have to do so. In this article, we share with you more about financial abuse in elders.
Understanding Financial Abuse
Financial abuse can take many shapes and forms, and there are no limits to the lengths that these con artists or abusers can go to. Below are some common examples of financial abuse in elders:
- Stealing money or possessions
- Misusing the elder’s credit card to buy things for themselves when they have been entrusted to help the elder pay bills or purchase things
- Stealing the elder’s identity to open a new account or line of credit
- Tricking the elder into transferring ownership of their assets such as their property, car, bank account and investments without their knowledge
- Tricking the elder into disinheriting their family members and drawing up a new will benefiting the perpetrator by feeding them lies
- Threatening the elder into giving them money or assets, for instance, telling them that their loved ones will no longer pay for their nursing home care if they refuse to do so
Signs of Financial Abuse in Elders
If you suspect that your loved one has been a victim of financial elder abuse, do not ignore the situation. Always investigate further. Below are some common signs of financial abuse:
- Significantly less money in their bank accounts
- A higher credit card bill than usual
- Receiving letters from creditors or agencies
- Getting stressed when money is mentioned
- Deviating from their usual spending habits, such as refusing to eat out or go shopping
Mitigating Financial Elder Abuse
When your elderly loved one has been the victim of financial abuse, below are some steps to take:
- Speak to the nursing home and staff. They may already have suspicions as well and can help you catch the perpetrator
- Put limitations on their bank accounts and credit cards, which will require their approval (and yours, if necessary) to authorize large transactions
- Set up two separate bank accounts, one for spending and one for the rest of their savings. Transfer a sufficient amount into the spending account every month, ensuring that the other account cannot be accessed easily
Choose Corradino & Papa, LLC For Your Elder Financial Abuse Case
If you suspect that an elderly loved one has been abused financially, do not hesitate to take action. Perpetrators may be exhorting money from other vulnerable elders and you can put a stop to it. Please feel free to contact us today for a free consultation and we will explore the best legal route you can take.
Disclaimer: Results may vary depending on your particular facts and legal circumstances.