Protecting your aging parents is not an easy task. Not only are they susceptible to physical harm as they lose mobility and mental sharpness, but they are also at risk for financial harm. This often takes the form of financial abuse, or someone else exploiting them for their own financial gain. If you are trying to care for an aging parent, it is important that you understand what financial elder abuse looks like so that you are able to recognize the warning signsantat before it is too late. If elder abuse is suspected, it is best to take prompt legal steps with the help of a qualified elder abuse lawyer.
What Is Financial Elder Abuse?
Aging parents and senior citizens are prime targets for scammers. Due to their age, swindlers believe they can more easily scam elders out of their money, which may include calling them on the phone and asking money for a fake charity, stealing a credit card or even convincing the elderly to sign over a power of attorney. Aging adults can be financially exploited by a complete stranger, a hired caregiver or even a family member.
What are the Warning Signs of Elder Abuse?
Financial elder abuse is not always easy to detect. However, there are a few key warning signs to keep an eye out for, such as the following:
- Unpaid bills
- Unusual transactions on credit cards or bank statements
- Sudden new friend that your aging parent is giving excessive time and money to
How You Can Help Protect Your Aging Parent
There are many ways to protect your elderly relative or aging parent, and most require proactive steps. First, it is advisable to have more than one person be responsible for financial accounts for the elderly person. Even if you can’t have multiple addresses on a credit card or checking account, you can set it up to allow more than one person to have online access to the account. This ensures that the account is watched more closely and there is more than one adult providing financial counsel.
Another way to avoid financial elder abuse is to draw up joint powers of attorney. An experienced elder lawyer from Turner Law can help you through the process. Turner Law also provides strategic legal representation for victims of elder abuse and financial exploitation. If you believe your loved one has been taken advantage of due to their age, please call our Decatur law firm today to consult with Attorney Robert Turner.
Posted on behalf of Turner Law, LLC