Skip to main content

phoneFREE CASE EVALUATION (866) 999-9085

What is Financial Elder Abuse?

author image Written by Adam Peck Category: Elder Law January 26th, 2013 3 min read

What is Financial Elder Abuse?

Financial elder abuse is a different kind of abuse that an individual perpetrates via the illegal diversion, theft or misappropriation of funds or property of the old one.

Often the elderly have a difficult time managing their resources, and so depend on others for help. It’s at this time that unscrupulous individuals may make attempts to steal property, land, goods, and money using deception, intimidation, etc.

Who could Inflict Financial Abuse upon your Loved Ones?

To determine if your loved one is being abused financially, we must first clarify who could potentially target your loved one for abuse.

Personal Concierge

A surprisingly large number of cases of financial abuse occur between an older person and their personal concierge. Often relatives or guardian family members are in a strong position to commit financial abuse.

With the confidence of the victim in hand, the guardian slowly steals possessions of the person. Some can also use coercion to force older individuals to sign over land, property or access to bank accounts. Guardians can also manipulate the “authority” and the layout of the will.

A personal concierge also can be abusive.

Structured Services (e.g. Nursing Homes)

Many people are concerned about the quality of care for their relatives in nursing homes. However, some people forget to keep a watchful eye on how the nursing home levies fees that can consume all of the finances of the elderly.

Always make sure the costs are correct for the level of care and attention. If the products and services account shows items that you believe have never been carried out, follow up with the administrators of the organization.

It’s also important to monitor any new “best friends” of your loved ones, particularly in relation to staff. If your loved one begins to add in these individuals to financial accounts or wills, or shows willingness to buy extravagant things for them, they could very easily be victims of a pyramid scheme, intimidation, or ‘Sweet Heart scam.

Deceiver

Cheaters come in all shapes and sizes and from all over the world. The elderly are more prone to them due to the constant evolution of technology and the potential loss of acute mental-awareness.

Telemarketing swindlers use phone scams to target older people who they think they can frighten or force to pay. Be sure to review checks for unusual or excessive amounts sent to an unknown person. Always keep track of your loved ones’ financial decisions and keep a watchful eye on expenditures, looking for anything that appears dishonest.

The elderly are also vulnerable to identity theft, including credit card and account hijacking. It may be difficult for anyone to ensure their identity and numbers, and the elderly often have difficulty keeping pace with technology, accounts, phone numbers, etc.

Take Action if Financial Abuse is Discovered

If you discover financial abuse, do not hesitate to act. Collect as much information and documents as you can about the abuse. Find a local attorney in your area who specializes in these types of cases, and do your best to stay one step ahead of fraudsters.

Share it

Questions? Check with Peck Today

Blog Lead Form

*We will never share your information with 3rd parties. Submitting this form does not create an attorney-client relationship. For more information, please read our Privacy Policy.

Categories

Load More Categories

Categories

Load More Categories

Popular Posts

Elder Abuse and Neglect in Assisted Living Facilities

Elder Abuse and Neglect in Assisted Living Facilities

Elopement in Nursing Homes

Elopement in Nursing Homes

Assisted Living Abuse

Assisted Living Abuse

Settlement Reached in Assisted Living Facility Death

Settlement Reached in Assisted Living Facility Death

Assisted Living Abuse and Neglect Attorneys

Assisted Living Abuse and Neglect Attorneys

Written by Adam Peck

Expertise: Personal Injury

Adam J. Peck, ESQ is a principal with Peck Law Group, APC. In 2008, Mr. Adam Peck received his Juris Doctorate from Whittier Law School where he graduated Cum Laude. His practice is primarily dedicated to representing Elders, Dependent Adults, along with their loved ones and family members, who have suffered horrific personal injuries.

Interested in reading more articles like this?