Elder financial abuse can have very deep impacts. It can have major financial and emotional implications for its elderly victims. The financial ramifications of it can also last within a victim’s family for a very long time.
So, it can be important to watch for signs that your elderly loved ones may be particularly vulnerable to such abuse. Such signs include elderly individuals:
- Having physical health issues that could require them to bring in more service providers
- Being isolated through not having any friends or family who live in their area or regularly visit them
- Experiencing major memory or recall problems regarding financial matters
When elderly loved ones have a particularly high vulnerability to financial abuse, it can be crucial to take measures to give them added protections against such exploitation. What protections would be appropriate depends on the circumstances. In some instances, seeking out a conservatorship may be necessary.
It can also be critical to watch for suspicious behavior by individuals close to your elderly loved ones. Sadly, it is very common for elder financial abuse to be committed by people a senior is close with, such as family, friends or neighbors. A couple red flags to watch for include:
- Elderly individuals making sudden or unusual financial moves following speaking with someone close to them
- A person a senior is close with suddenly making an unexplained major change in lifestyle
When elder financial abuse is spotted, it can be very important to report the behavior and take steps to protect your elderly loved one. Skilled attorneys can help families with responding to elder financial abuse committed against a loved one.