If your loved one currently resides in a nursing home or assisted care facility, it is important to remain aware of possible instances of elder abuse or neglect that could occur. Unfortunately, abuse of the elderly can take form in a multitude of ways. It is important to be aware of your elderly loved one’s wellbeing, day-to-day care, and financial records.
Financial abuse is one form of nursing home neglect that can become devastating to the victim and their families. It can be defined as a type of abuse in which there is a misappropriation of financial resources or abusive financial control. This could involve the illegal or improper use of a senior’s money, assets, or property, forged signatures on checks or documents, or cashing checks or taking money without the consent or authorization of the individual. In some extreme cases, the abuse may be outright stealing money and possessions.
Signs and Types of Financial Abuse:
- Coercion Through Neglect and Abuse. Financial abusers may withhold basic care or rights of the elderly until they are forced to sign over financial property.
- Frequent Demands of Money. Caregivers may take advantage of an elderly person’s willingness to lend or provide funds.
- Investment Schemes. Elderly individuals are sometimes more susceptible to schemes that involve handing over large amounts of money to high-risk investments or business deals. Without the full understanding of the investments, it could be potentially dangerous to an elderly person’s financial security.
- Identity Theft. Abusers may use an elderly person’s name or information to take out loans, credit cards, gain medical care, or event to commit other fraudulent acts.
- Mismanagement of Funds. An elderly person may appoint someone to manage their funds through power of attorney. If this person takes advantage of the management in a negative way, it could be considered financial abuse.
- Seniors are often deliberately targeted by scams, fraud, and misleading marketing. This could come in an array of forms such as medical scams, fake diets, insurance fraud, and fake contracts.
If you notice a sudden change in your elderly loved one’s financial situation, get professional help immediately. At Potter Law, LLC, we are here to help restore the proper care your loved one deserves.