Elderly individuals have lived in the world long enough to have accumulated a significant amount of money. Their age is a testament to the hard work they needed to get to where they are today while maintaining their standard of living. Unfortunately, their age also makes them more vulnerable to manipulation and abuse. Elderly residents, whether in nursing homes or home care, might be physically and mentally unable to manage their finances. Sometimes they have no choice but to trust their caregiver. They are at a higher risk for financial exploitation.
What are the signs of financial exploitation?
The financial exploitation of elders is common in Sacramento and other parts of the United States. Elderly residents do not have the means to assert themselves in nursing homes. They are dependent on their caregivers. It is even more heartbreaking when a family member who insists on caring for the elderly resident at home perpetrates the abuse. Here are signs of financial exploitation you should look out for:
- Significant changes in the elderly resident’s bank account and banking practices
- Misappropriation and sudden disappearance of funds and financial assets
- Sudden changes in the estate plan
- Forgery and suspicious signatures in financial documents and transactions
- Unexplained financial transactions with the elderly resident’s credit card
- Unexplained withdrawals from the elderly resident’s ATM or debit card
- New joint accounts
- Unpaid bills
- New best friends or relatives asserting their rights to the elderly resident’s finances and property
- Missing property and possessions
The person financially exploiting the elderly resident might be promising to care for the elderly person. Other family members might be too busy to realize the abuse is happening, so they should be wary of these signs and get on top of their loved one’s finances.
What can you do if you suspect financial exploitation?
You should talk to the elderly resident about it. If things are not adding up, it might be time to get legal help for your loved one so you can recover what they lost. It is inhumane to take advantage of an elderly person.