Elder financial abuse is a growing problem that occurs when someone illegally or improperly uses an elder’s money or belongings for their own personal use. Haselkorn & Thibaut is a law firm specializing in investment fraud cases with over 50 years of industry experience, and they can also help victims of elder financial abuse.
Signs of Elder Financial Abuse
Table of Contents
Elder financial abuse can be difficult to detect and address, especially if the abuser is a family member or someone close to the victim. It is crucial to know the signs of elder financial abuse, including unexplained bank account withdrawals, sudden changes in the will or power of attorney, and unauthorized or unnecessary purchases. Victims of elder financial abuse may also become isolated and show signs of depression or anxiety.
Elder Financial Abuse Red Flags
Here are some red flags that may indicate elder financial abuse:
- Unexplained withdrawals from bank accounts or missing money.
- Sudden changes in the will or power of attorney documents.
- Unnecessary or unauthorized purchases or transactions.
- Caregivers or family members who have control over an elder’s finances and refuse to provide information or access to financial accounts.
- Isolation of the elder from friends and family members.
- Signs of depression or anxiety in the elder.
- Overcharging or double-billing for goods or services.
- Forged signatures on financial documents.
- Pressure from a family member or caregiver to change estate planning documents.
- Changes to an elder’s financial situation that they cannot explain or understand.
Preventative Measures
Preventative measures can help avoid elder financial abuse in the first place. Some measures include establishing a trust or power of attorney with a reputable attorney, limiting access to financial accounts, and reviewing financial statements regularly. Additionally, it is crucial to communicate with trusted family members or friends and educate oneself about elder financial abuse to stay informed and vigilant.
Seeking Help from Haselkorn & Thibaut
Haselkorn & Thibaut can help victims of elder financial abuse seek justice and recover lost funds. Their team of attorneys has experience handling investment fraud cases and can provide clients with the legal support and guidance they need to navigate the complex legal system. They also work with forensic accountants and other professionals to investigate the abuse and build a strong case against the abuser.
Reporting Elder Financial Abuse
If you suspect elder financial abuse, reporting it to Adult Protective Services (APS) is crucial. APS are social services programs in each state that serve older adults and adults with disabilities who need help due to abuse, neglect, or exploitation. The name of the agency may vary depending on the state.
Conclusion
Elder financial abuse is a serious problem that affects many older adults, and it is crucial to take action to prevent and stop it. Victims of elder financial abuse should seek help immediately from trusted authorities such as Adult Protective Services and the National Center on Elder Abuse. Haselkorn & Thibaut is a law firm specializing in investment fraud cases but can also help victims of elder financial abuse. By staying informed and taking preventative measures, we can work towards ending elder financial abuse and protecting our loved ones.
