Signs of Elder Financial Abuse – Lulich & Attorneys

Watch out for Elder Financial Abuse

Elder abuse is a growing concern in the United States. It is estimated that 5 million elderly people are abused each year. Financial abuse may not show the signs that physical abuse or neglect does, but it can be just as damaging.

Numerous groups are trying to find ways to help stop the financial abuse of the elderly. Wells Fargo is one such company that is leading the research into the problem. Despite growing awareness of the issue, elder financial abuse still occurs far more often than many people may realize, including the victims.

There are many signs of elder financial abuse, and if you have a loved one over 60, you may be able to detect a problem before it is too late.

Signs of Financial Abuse

It can be difficult to convince a person who is experiencing financial abuse that it is actually occurring. When financial abuse happens, it can be because the individual trusts the person charged with taking care of his or her financial matters.

The most common signs of financial abuse are:

  • Missing belongings,
  • A lack of money for basic needs,
  • A property transfer, or
  • The individual feels extreme anxiety, fear, or stress over money.

Who is Behind Elder Financial Abuse?

One of the reasons elderly people can be more easily taken advantage of is due to sometimes being too trusting and dependent on the people who are close to them. This allows individuals to take advantage of them and steal money. But it is not always cash that is taken. In fact, some abusers prefer to take property or bully the elderly person into leaving assets to them in the person’s will.

New love interests can be guilty of financial abuse. In the case of one Florida woman, she struck up a relationship with an older man and quickly withdrew over $129,000 from his bank account.

Sometimes it is not a boyfriend, girlfriend, or new spouse than can inflict elderly abuse on others. Children, medical staff at care homes, and friends can be abusers too.

Recent news has shed light on elderly people who have become easy targets of family members who are drug addicts. It appears some well-meaning senior citizens are allowing troubled family members into their homes, in hopes of being able to protect them from their addiction, only to discover that their money is going missing.

How to Stop Elder Financial Abuse

Various states in the US are contemplating a range of penalties to anyone found guilty of elder financial abuse, but what should you do if you are a victim? The first thing to do if you are a victim is to speak with a trusted family member. If this is not possible, find someone else you trust who will have your best interests in mind.

It is important to speak with your attorney, as well, who can advise you on what to do next. You can also speak with a bank official and explain what has happened or what you believe is occurring.

If you or a loved one have been a victim of elder abuse, Lulich Legal Attorneys and Consultants can help. Visit our page on elder abuse to see how we can help you. Lulich Legal Attorneys and Consultants can help you with all your personal injury law needs. Contact us today.