Many older Americans are vulnerable to financial abuse from unrelated care providers, so-called friends and even family members in some cases. Unfortunately, most senior citizens live on a fixed income and cannot afford to lose even a dime of their money.
Elder financial abuse techniques
It is our mission to protect members of our older population from this horrific exploitation. We encourage you to play a role as well, especially if you have a vulnerable senior citizen in your family. The best way to identify elder financial abuse is to learn the different forms it can take. Here are some:
- Coercion: Abusers may harm or threaten to harm your senior family member if they do not give them money or property.
- Scams: Many nefarious groups or individuals often prey on the elderly by enticing them to make fraudulent purchases or invest in extremely risky deals.
- Identity theft: Those physically close (such as caregivers) to at-risk elders may use their identity to take out loans or obtain a credit card.
- Asset mismanagement: A care provider or a relative with power of attorney over your loved on may steal their money through mismanagement.
- Real estate fraud: Some abusers go so far as to persuade older residents to sign over the deed to their home or other property.
Now that you know how criminals take advantage of older people, you can take steps to protect your loved ones. If it is already too late, an elder law attorney can help you hold the abuser responsible for his or her actions. Continue reading our website pages to improve your understanding of elder law in our state.