If your elderly loved one is being abused financially, it is essential to act quickly. A qualified attorney with experience in elder financial abuse can assist you with gathering the evidence and reporting it to the authorities.
Warning signs include new, suspicious friends and acquaintances, rapid account drawdowns, and sweeping changes in the power of attorney or wills and trusts. An objective third-party review of credit and bank statements is also a good idea.
Unexplained Changes in Address
While many people assume that misplaced jewelry or cash is just part of aging, unexplained changes in an elder’s financial accounts could be a sign of abuse. Adding new authorized signers to an account, making unfamiliar third-party bill payments through an account, requesting wire transfers of funds, or unexplained large withdrawals and credit card purchases should all be a cause for concern.
It’s also important to watch for unexplained changes in beneficiaries on life insurance policies. In addition, if an older adult’s mail is being diverted from them to another address, this may be a sign of fraud.
They can help to freeze their accounts and report the crime to law enforcement. They can even represent your loved one seeking monetary reimbursement for their losses. They can independently retain an elder financial abuse attorney Portland OR if they have a power of attorney.
Unexplained Expenses
Financial exploitation by family members is joint, but strangers and even professionals can also cross the line. A friend or a family member may convince an older adult to invest in questionable business ventures or to sign over their power of attorney, trust, or will.
Large unexplained withdrawals or suspicious bank account activity can be a warning sign of abuse. Look at recent transactions to ensure an authorized signer has not been added or there are no recurring fees. Look for changes in the beneficiary of an account or a sudden property transfer, especially when an older person cannot explain why that change occurred.
It is essential to keep the lines of communication open when it comes to money matters, especially with a loved one who lives alone. Sudden changes in your senior’s personality and behavior are another red flag that something is wrong. An adult protective services agency can help you report suspicions of elder financial abuse.
Unexplained Mood Changes
Often, the person abusing an elderly loved one is a trusted family member. They may also be a nursing home caretaker or someone who lives with the victim. The close relationship with their abuser can make it difficult for a senior to come forward and report financial abuse.
Signs of financial elder abuse can include signatures on checks that do not match the victim’s handwriting, suspicious third-party billing transactions, unexplained withdrawals from bank accounts, or sudden credit card offers. Changes to a power of attorney, will, or trust can also be a warning.
Family and friends can help prevent this type of abuse by staying involved with the aging adult and monitoring their financial accounts. They should also contact their local APS or law enforcement branch to report suspected exploitation. They can even ask their bank or financial institutions to freeze account transfers to stop potential exploitation. In addition, civil legal aid programs in the area may be able to provide free assistance for victims.
Unexplained Increases in Credit Card Bills
A common type of elder financial abuse is when a friend or family member steals money. This can be especially damaging since the victim may be loyal to the person taking their money. In addition, the victims of such abuse may fear retaliation or do not know it is happening.
It is essential to watch for unexplained increases in credit card bills or other signs of new financial activity, such as suspicious signatures that do not match the senior’s handwriting. It is also essential to keep the lines of communication open with an elderly loved one and monitor their financial accounts regularly.
Additionally, any significant changes in beneficiaries’ life insurance policies or property transfers should be reported immediately to your local law enforcement and Adult Protective Services agency. These agencies are designed to help vulnerable adults and can freeze bank accounts and put other financial transactions on hold if they suspect fraud is occurring.