Parents spend their entire like ensuring their children are well-off and capable of supporting their finances. They guide us on managing our finances and ensuring we don’t fall into a debt-trap or scam. However, as they age, they become more susceptible to financial frauds and scams. If your parents have reached a certain age, it should be your responsibility to keep them away from financial scams and frauds. Given older people prefer to live on their own, they become easy targets of fraudulent companies. Thus, it’s essential to keep in touch with an elder abuse attorney near me for timely support.
In most cases, financial elder abuses go unnoticed. Even if you detect your elder parents have become prey to such acts, it’s impossible to recoup the funds. Thus, the only thing left in your hands is taking precautions.
Keeping an eye on your elderly parents and people around them is the best way to prevent such incidents.
In this blog, we will discuss some telltale signs of financial elder abuse.
1. Online New Friends
For seniors, especially those who live alone, social media and the internet have become the place to find respite from their mundane lives. However, there are people disguised as friends ready to take financial advantage. If you suspect that your elder parent’s virtual friend influences them to take specific actions, take appropriate measures to prevent them from falling for any fraud. Be more involved in your parents’ life and don’t let them feel isolated or lonely. Assure them that you are always there to listen to their needs and help them in any way possible.
2. Relatives Who Have Suddenly Emerged
Unfortunately, people who live around their elder parents may also try to take advantage of their failing health. If you notice that a relative is getting more involved in your aging parents’ lives and influencing them to spend more money, consider it as a red flag. Be proactive in noticing such spending behaviors and lifestyle changes.
3. Missing Belongings
The best way to look for signs of financial elder abuse is by looking at their assets. You may notice that a valuable watch or vehicle that has been your family is not there anymore. You must be armed with elder law to prevent further abuse of your parents or elderly relative.
4. Unable to Manage Finances on Their Own or Missing Money
Consistently unpaid bills and the disappearing fund is another common sign of financial elder abuse. If you notice that your senior relative’s bills are not getting paid off even when they have signed the checks, insist on them to inquire the bank. It could be that someone from their family or friend circle is embezzling the funds and benefitting from them. Besides this, piled-up collection letters, disappearing of cash, or lack of essentials in the house are signs of financial elder abuse. You must contact a qualified elder abuse lawyer to tackle the issue.