26 Dec How to Protect Your Parents from Elder Financial Abuse
Nobody wants to see their parents suffer from elder financial abuse. Ensure your parents’ protection by knowing what elder financial abuse is, how to recognize, and how to prevent it.
Elder financial abuse can be identified as missing property, exploitation of money, forging an older person’s signature or deceiving an older person to sign a deed, will or power of attorney. Financial abuse can leave your family member deprived of all their resources and lead to the loss of their home, financial stability and independence.
If you feel your family member may be a victim of financial abuse, make sure you can recognize the signs. Take note when bills go unpaid or property goes missing. Be aware of suspicious signatures on documents or checks. Always make sure to check the bank statements for unfamiliar or unexplained activity.
Prevention is a key factor when it comes to protecting your parents from elder financial abuse.
Tips for preventing financial abuse:
- Monitoring bank accounts and credit request. You or your parents can hire a daily money manager to monitor the accounts for your family and notify you of suspicious activity.
- Make sure your family members aren’t sharing important financial information online or with untrustworthy people.
- Shred any bank receipts and credit statements.
- Keep a paper trail of your spending by opting to use credit cards and checks instead of cash.
- Be aware of scams sent through the mail and internet.
If you suspect your loved one is a victim of elder financial abuse, make sure to notify the bank, your local police and an attorney.