Understanding the signs of financial elder abuse

On Behalf of | Nov 12, 2021 | Nursing Home Abuse And Neglect

If you’re entering the last years of your life in Georgia or you have a loved one in this position, it’s essential to ensure that your financial assets are protected. Unfortunately, some individuals take advantage of the elderly by obtaining power of attorney or using their bank accounts without permission. If this occurs, it can be devastating and drain hard-earned assets quickly.

Signs of financial elder abuse

Financial elder abuse can occur due to the misuse of funds by anyone who is of advanced age. It can happen when family members, caregivers, or business associates start using a senior’s financial accounts. Looking for the following signs can indicate if this is occurring:

– Increased account activity
– Opening of new accounts without your knowledge
– Rapid drawdowns in existing accounts
– Changes to essential documents such as trusts, mortgages, or wills

Who might try to perform financial elder abuse?

Individuals causing financial elder abuse can vary. In some cases, it’s family members who feel like they are entitled to your assets. In other situations, it might be individuals who have the legal authority to act in your best financial interest. Caregivers, nursing home assistants, home health care aides, and nursing home support staff can also commit financial elder abuse.

Where to find help if financial elder abuse is suspected

If you feel like you are being abused financially as an elderly individual or you suspect that this is occurring to a loved one, you can find help by contacting the long-term ombudsman in your state, the National Adult Protective Services Association, or a legal professional handling senior abuse.

All seniors deserve to have dignity in their later years without being exploited. Understanding the signs to watch for and knowing a few resources can help keep you better prepared to handle a situation where financial elder abuse is occurring.