The signs of financial elder abuse





It is hard to believe that people take advantage of the elderly, but sadly older Americans are subject to financial abuse every day. Protect yourself as you approach and enjoy your golden years by learning the warning signs of financial abuse and what conditions or situations make people vulnerable to this type of abuse.

Since people over the age of 50 hold about 70 percent of the wealth in America, older individuals are attractive financial targets. Add to this limited financial knowledge, mental or physical limitations, or desperate family members and financial abuse can become a reality.

Could you be the victim of elder financial abuse?

Certain types of individuals are more likely to be the victim of financial abuse than others. Some situations make people vulnerable to an abuser’s tricks and games. If you or someone you know has any of the following conditions or risk factors, please be especially alert so you don’t become a victim:

  • Recent loss, such as the death of a long-time spouse
  • Isolation, especially if there are no close family members to keep an eye on the situation
  • Loneliness can make a person vulnerable to emotional manipulation
  • Physical or mental disabilities
  • Lack of knowledge about financial matters
  • Family members with substance abuse problems or serious financial challenges (these individuals can feel desperate and may turn to financial abuse of an elder to try and help their situation)

Signs of financial elder abuse

You or someone you know may not even know that you’ve been the target of a financial abuser. There isn’t always a sure way to tell that somebody is committing financial abuse, but here are some signs to look for. A pattern of unusual financial issues can indicate abuse and warrants further investigation.

  • Unexplained withdrawals from a bank account, or unexplained transfers of money to an unknown account
  • Bank statements or cancelled checks stop showing up at your house (somebody could be trying to keep evidence of their financial abuse from you)
  • People who want to be your new best friend or who want to help you for no good reason
  • Pressure to sign a legal document like a power of attorney (never sign anything you don’t understand)
  • Large ATM withdrawals that you don’t remember making or cancelled checks that you don’t remember writing
  • If somebody else is caring for you, be alert if the amount of money they say they are spending on your care doesn’t seem to match up with reality
  • A relative who suddenly seems overly interested in your financial affairs

To keep yourself safe, try to have all your financial matters reviewed by a trusted friend or professional on a regular basis. This will ensure that no matter what your emotional or mental state, any signs of financial abuse may be noticed before it is too late and you lose everything.

If you’d like to speak with an experienced estate planning attorney in Pennsylvania about this issue or any other, please contact the Wexford based law office of Shields and Boris today.

Elder Law Offices of Shields and Boris

109 VIP Drive

Suite 200

Wexford, PA 15090

Toll Free: (888) 444-4093

Phone: (724) 934-5044


©2012 Elder Law Offices of Shields and Boris, All Rights Reserved, Reproduced with Permission Privacy Policy
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