Elderly individuals are sometimes thought to have an abundance of assets, including money in the bank. This misconception often causes individuals to try to take advantage of them, especially when the senior citizen isn’t as mentally sharp as what they were in their youth. Unfortunately, this is a problem that isn’t likely going to get any better with time.
Financial abuse of the elderly is an atrocious problem that must be addressed quickly when it is discovered. It is estimated that somewhere around 90% of cases of financial abuse of a senior citizen is done by a trusted person. This includes family members and close friends.
There are many forms of financial abuse that can occur. These include scams for fake charities, callers claiming to be bill collectors to try to get financial information and similar incidents. Telemarketing scams and identity theft are also possible.
Anyone who has an elderly loved one, including those who are in nursing facilities, should pay close attention to signs that something is amiss. This can include them not being able to afford life’s necessities when they shouldn’t have a problem paying for them or making major financial changes without warning.
Sometimes, these situations are hard to notice. They may take the form of small amounts of money being taken over a long period of time. It is also possible that someone has encouraged the senior citizen to change a will or estate plan to benefit the person putting pressure on the elderly individual.
When you find out that financial abuse is occurring, you can work with the elderly person take action. The top priority is stopping the behavior. After that, you can focus on recouping the assets and money, and they can seek compensation for the financial damages.