What is elder financial abuse, and how can you stop it

Studies have shown that elder abuse is on the rise and growing at an alarming rate in the United States. Almost one in five Americans over the age of 65 have been victimized by financial fraud, and as a result, have to endure devastating financial consequences.  However, it is essential to remember that elder financial abuse is illegal, and there are actions you can take to stop this abuse from happening while ensuring your assets are protected. What is elder financial abuse? Elder financial abuse is a type of elder abuse in which there is a misappropriation of financial resources or abusive use of financial control when there is an expectation of trust, and these actions cause harm to an older individual. Elder financial abuse is a common element of conservatorship disputes, will disputes and trust disputes. However, it can also come up in the following situations: Taking advantage of a joint bank account Using a Power of Attorney as a license to steal the victim’s money for the perpetrator’s use Lottery and sweepstake scams Charity scams Telemarketing scams and threats Using ATM cards to withdraw money from the victim’s accounts Threatening to harm a victim unless they give the perpetrator what they want Refusing to get the victim much needed medical services to keep the victim’s assets available for the perpetrator to use Actions you need to take if you suspect elder financial abuse If you believe that you or a loved one has suffered elder exploitation or financial abuse, there are specific actions you need to take to ensure that your assets and legal rights are protected. These steps include the following: Contact your local Adult Protective Services Agency (APS): These APS professionals can investigate elder neglect, abuse or exploitation with various experts, including local law enforcement and health care workers. Reach out to a local long-term care ombudsman: If you suspect elder neglect or abuse, you can report the problem to a local long-term care ombudsman advocate. These advocates are trained to resolve issues involving elder abuse and assist you with any complaints you have. Call an experienced elder financial abuse attorney:These lawyers are dedicated to advocating for the rights of those who become financial fraud victims while pursuing legal action to make sure their funds are returned to them. The post What is elder financial abuse, and how can you stop it first appeared on Chenoweth Law Group, P.C..