Watch for Elder Financial Abuse
Elder abuse represents a significant problem across the nation. According to the National Council on Aging, older Americans may lose up to $36.5 billion each year through elder financial abuse. This form of exploitation can affect anyone regardless of age, sex, race, religion, or cultural background.
Hundreds of thousands of adults over 60 experience financial exploitation annually. Financial abuse involves misusing funds through theft or withholding money from accounts. Perpetrators may include family members, spouses, caregivers, or anyone with access to a senior’s financial accounts.
Warning Signs to Monitor
Watch for these indicators of potential financial exploitation:
- Unpaid bills
- Unusual changes in spending patterns
- Fake signatures on financial documents
- Statements from the victim claiming money has been stolen
- Missing checkbook, credit cards, or debit cards
- Misuse of power-of-attorney agreements
Vulnerable Populations
While women represent the majority of victims, men also experience financial abuse. Seniors most at risk include those without nearby family or friends, individuals with disabilities, and those experiencing memory problems or dementia. People who depend on others for daily activities like bathing, dressing, or medication management appear particularly vulnerable.
Taking Action
If you suspect a loved one faces financial abuse, the Consumer Financial Protection Bureau provides guidance on documenting the abuse and filing reports with authorities. Those needing assistance with elder law, probate, or estate planning should seek professional legal counsel.
If you or a loved one needs assistance with elder law, probate or estate planning issues, do not hesitate to contact us. We are here to help.
