Key Signs of Financial Elder Abuse

On Behalf of | Apr 14, 2021 | Elder Law

Financial elder abuse is one of the most insidious financial crimes around. Taking advantage of someone who is elderly due to their inability to fend for themselves is more common than many people know. Wisconsin residents who want to prevent financial elder abuse from affecting their families may benefit by knowing what signs to look for. By being aware of the signs, they can help protect their loved ones from financial predators.

How does one recognize the signs of financial elder abuse?

One of the best ways to deal with financial elder abuse is to eradicate it as soon as you see it. Keep in mind that financial elder abuse can come from anyone, including close relatives, care workers, lawyers, and anyone else in close contact with the victim.

Take note if you notice joint bank accounts or other investment or financial accounts being drained. Many older people hold joint accounts with family members like children, spouses, grandchildren, or anyone else. Keep track of the withdrawals that are being made from the account, and take action if something looks amiss. Someone with experience in elder law may be able to help.

Keep an eye out on anyone assigned to take care of the elderly person’s financial affairs. These persons sometimes mismanage the funds that they are in charge of, using them for their own use. Make sure they provide receipts for every single expense incurred.

Make sure that someone is keeping an eye on the elderly person’s credit report. Financial predators sometimes take out credit cards and loans in the elderly person’s name.

Beware of anyone who is staying with the elderly person. Ostensibly, these arrangements are usually made in order to help the elderly person live comfortably day-to-day. Sometimes people take advantage of these arrangements in order to gain access to the elderly person’s financial information and accounts.

Who can people turn to if they suspect financial elder abuse?

Financial elder abuse is devastating. Not only is it illegal, but it can strip an elderly person of their ability to take care of themselves. People who suspect financial elder abuse may benefit by working with attorneys who have experience with this type of case.