Financial Abuse

Whether living in a nursing home or cared for in a private residence, older members of the population are at risk of suffering financial abuse, and that risk increases with each passing year. The more dependent an individual becomes on others for assistance, the more vulnerable they are to financial exploitation. Unfortunately, even those who are cared for by family members or friends that they love and trust frequently become the victims of financial abuse.

At The Nursing Home Abuse & Neglect Law Firm, PC, LLO, on far too many occasions, we have seen older individuals exploited for personal gain and deprived of the resources they need. We can put protective measures in place to minimize the potential for abuse, or if you believe someone has already taken advantage of you or a loved one, we can investigate and take appropriate legal action to recover wrongfully taken property.

Vulnerability Stems from Many Causes

Older adults face financial risks for a variety of reasons. As financial records increasingly shift into digital format, banks, investment companies, insurers and other institutions forcefully encourage clients to make their accounts digital. It can be nearly impossible to get paper statements or documents, and when companies are willing to provide paper statements, they often charge a premium for doing so.

Some accounts are only accessible via digital format. Yet many older adults lack access to devices needed to access accounts online, and those that do have a way to see account information online have difficulty logging in or finding the information they need. Some lack the patience to figure out new processes and others lack the ability to understand how to use accounts online. This makes these individuals reliant on others for assistance.

Even when information is provided on paper, it can be hard for older adults to read, and they may need to ask others for help. If even one person who works with an individual in this vulnerable position is dishonest, there is tremendous potential to steal funds. In some cases, a caregiver may hide or throw away mail so an older account holder has no way of seeing transactions or their account balance.

An older individual who is reliant on a caregiver may be unfairly susceptible to suggestions, and agree to buy something they don’t actually need, give gifts, or provide financial assistance after a caregiver relates a fraudulent tale of woe. Older adults can also be likely to fall prey to scam artists masquerading as financial professionals who promise solid investment returns and then disappear.

Signs of Financial Abuse

Some unscrupulous individuals can be very creative at hiding financial exploitation, particularly when they are affiliated with a nursing home or other residential facility. It is important to act quickly to investigate if you suspect a problem. Some factors that potentially indicate that an individual is being financially exploited include:

• Withdrawals from accounts that lack a good explanation
• Missing property
• Signatures on documents that are forged or odd-looking
• Accounts that are overdue
• Checks written to cash
• Creation of new documents such as power of attorney or a will for an individual who is not legally competent or who may be under undue influence of someone

If you need to investigate a concern but don’t want to risk hurting someone’s feelings, it can be helpful to bring in a legal professional. We can say that we are putting protections in place as part of a standard plan and just need to gather some background information to get started.

An older adult who is being subjected to financial abuse may be aware that someone is taking their property or money, and that can lead to signs of depression. They may be afraid to say anything or embarrassed to admit there’s a problem. Often, however, adults who are financially exploited are unaware of the problem and ready to maintain faith in their abusers.

How to Address Concerns About Financial Abuse

Investigating a financial abuse situation often starts with obtaining as many financial and legal records as possible. In addition, it is helpful to interview family members, caregivers, and of course, the older individual who is at risk to find out about routines, payments, transactions, and other activity. This can be awkward for family members to undertake on their own. The Nursing Home Abuse & Neglect Law Firm, PC, LLO can investigate to ascertain what has happened or is likely to happen. If abuse has occurred, we may be able to address the situation informally to see if restitution is possible before taking formal legal action. In addition, we can put protections in place to prevent financial abuse in the future.

We Fight Financial Abuse to Protect Seniors

Even small amounts of fraud or theft can be financially devastating for older adults on a fixed income. At The Nursing Home Abuse & Neglect Law Firm, powered by Reed Law Offices, PC, LLO, we are dedicated to protecting vulnerable members of the community from all forms of abuse, including financial exploitation. We know the most effective ways to investigate and put a stop to financial abuse and to prevent it from occurring in the first place. To find out how you can protect yourself or a loved one from financial abuse, contact our team today for a confidential consultation.