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Identifying Financial Abuse of the Elderly

  • Sep 29 2016

As an individual gets older, they become more dependent on others. Unfortunately, this makes them a prime target to be taken advantage of by unscrupulous people. If you have an older friend or loved one, it is important that you stay involved in their life and keep an eye out for signs of financial abuse.

Below are a few of the warning signs that financial abuse of a loved one may be occurring:

  • If your loved one decides to alter his or her estate planning documents without warning, it is likely that your loved one is being pressured by another party to do so. Be sure to ask your friend or family member why the changes are being made and what will be altered by those changes.
  • If your loved one’s bank statement shows activity that could not have been performed by your loved one, it is likely fraudulent behavior is occurring. For example, if your grandmother is bedridden but her bank statement shows numerous withdrawals from an ATM, you should take action to investigate what is going on with her account.
  • When a loved one starts receiving past due notices for his or her bills or debt collectors are calling and you know there are sufficient funds for the bills to have been paid, you should look into it. If a caregiver has the responsibility of paying the bills and he or she is using the money for personal benefit, you need to take action to stop it immediately.
  • Any financial activity that looks suspicious to you should be investigated. If your normally thrifty relative is suddenly making large purchases on his credit card bill, it is time to get involved.

Senior citizens are often the target of scams and financial abuse. The most effective way to prevent your loved one from falling victim to being taken advantage of is to stay involved in their life and to be aware of their financial activities.

If you believe a loved one is having their personal information misused, be sure to visit IdentityTheft.gov for an explanation of what steps you should take. If your friend or relative is being harassed by debt collectors, contact us for the help you need.

Whether you owe the debt or not, you deserve to be treated with respect and fairness. Contact our California Debtor Protection Law Firm with your questions, comments, and concerns, or for a free consultation. Speak to a CA credit card lawsuit and collection harassment lawyer at our firm today.

Posted in: Collection Harassment