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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.

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JACK V. CORRADINO, ROBERT C. PAPA, JR., JOSEPH A. DEFURIA, TIMOTHY J. FONSECA, AND FRANCIS J. SWEENEY III ARE ALL CERTIFIED BY THE SUPREME COURT AS CIVIL TRIAL ATTORNEYS. Corradino & Papa, LLC is located in Clifton, NJ and serves clients in and around Newark, Irvington, Harrison, East Orange, Orange, Belleville, Hillside, Maplewood, South Orange, Kearny, West Orange, Elizabeth, Glen Ridge, Bloomfield, North Arlington, Vauxhall, Union, Montclair, Millburn, Lyndhurst, Nutley, Bergen County, Essex County, Hudson County and Union County. See All Locations CAttorney Advertising. This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. The hiring of an attorney is an important decision. The information you obtain in this website is not, nor is it intended to be legal advice. You should contact an attorney for individual advice regarding your situation. Results may vary depending on your particular facts and legal circumstances. No aspect of this advertising has been approved by the supreme court. Here are the criteria for the various awards we’ve won: Disclaimer : Results may vary depending on your particular facts and legal circumstances Copyright© 2020 All Right Reserved