Older adults are vulnerable. They are often not in a position to meet all of their own daily needs. They either need to live with other people or have caregivers check in on them regularly.
Family members or professionals can fill that role, and most people are quite diligent about their responsibilities. Unfortunately, there are always a few bad apples who might abuse a position of trust. Elder abuse is a relatively common issue.
Both family members and professional caregivers can become physically or emotionally abusive toward older adults. There are also many situations that could constitute financial abuse of a vulnerable adult. How do concerned family members protect a loved one from the possibility of financial abuse?
Keep a close eye on their finances
Older adults often want to remain independent for as long as possible, which is an admirable ambition. That being said, they may need to be realistic about when they can no longer handle their finances completely independently.
Offering to help with a monthly financial reconciliation can make it easier for close loved ones to identify financial abuse. Unexpected charges, drops in account balances and other unusual financial activity can be easier for outside parties to identify if they look over bank statements and billing invoices.
Family members can also identify attempts to manipulate or trick an older adult into falling for a fraudulent scheme or altering their estate plan. The more people discuss finances with an older adult, the easier it is to identify misconduct early.
Utilize identity theft protection
Some cases of elder financial abuse involve the use of an older adult’s identity or Social Security Number as a way of accessing credit. People may rack up major debts in the name of a family member or a nursing home resident.
They may think of their actions as harmless, but they can do real damage to a vulnerable person’s creditworthiness. Those financial obligations can also harm the older adult’s legacy, as the debts may lead to claims against their estate after their passing. Family members who help older adults enroll in credit protection or identity theft programs can discover early warning signs of misconduct using an older adult’s identity.
When elder financial abuse does occur, concerned family members may be able to take legal action. Pursuing litigation against the party that engages in financial abuse can be an option in some cases. The more involved people are in supporting an older adult, the harder it is for financial abuse to occur unnoticed.