Financial elder abuse commonly goes undetected by loved one. As the elderly continue to age, it becomes easier for individuals to abuse them; so, it’s important to keep an eye on your loved one’s finances. Take a look at the following information, so that you can begin to recognize possible warning signs. If you have any questions, or if you’d like to discuss ways to protect your loved one from financial elder abuse, contact an estate planning attorney.
An elderly individual often doesn’t realize that he or she is getting scammed or that someone is abusing his or her trust. Keep an eye on your loved one’s affairs, so that you can stop elder abuse, if it’s occurring
The below warning signs may point to financial abuse:
- Your loved one makes sudden changes to his or her estate planning documents
- Your loved one is missing valuables around the home
- There is strange activity associated with your loved one’s bank account or credit cards
- There are new unexplained bills coming to your loved one’s home
- Your loved one no longer has enough assets to cover everyday expenses
- A friend, family member, neighbor, financial advisor, minister, or stranger takes an unusual interest in your loved one
If you notice any of the above warning signs, financial abuse may be an issue; investigate and know it’s important to get help as soon as possible. You can do the following:
- Regularly keep an eye on your loved one’s financial records
- Make sure that you and your loved one communicate about finances
- Make sure your loved one isn’t sharing financial information with others
- Have your loved one discuss important financial and legal decisions ahead of time
If you have any questions, or if you feel that your loved one may be a victim of financial elder abuse, consult with a qualified estate planning attorney.