Elder Financial Abuse: What to do if it's in the Family?
People preying on the elderly to get at their life savings, unfortunately, has become a common occurrence in today’s society. We have all heard stories about an elderly person being targeted and falling victim to an unscrupulous con artist. It is a sobering reality that everyone and their families need to prepare for as they age. When it is a family member who is suspected as the one taking advantage of their parent it puts this problem in a whole different light. What should you do if you suspect a family member of financial elder abuse?
To learn more on this topic, see the following 2023 article from AARP: What to Do If You Suspect Elder Fraud in Your Family (aarp.org). This article further explores:
- Assessing the financial threat
- Identifying the warning signs
- Minimizing the risk
- Keeping multiple people in the loop
- Asking questions
- Reporting suspected cases
IT IS IMPORTANT TO REMEMBER TO NOT IMMEDIATELY THROW ACCUSATIONS TOWARDS FAMILY MEMBERS IF THE SUSPICIONS OF FRAUD TURN OUT TO BE FALSE. THIS CAN LEAD TO BURNING BRIDGES THAT CAN NOT BE EASILY MENDED. THE INFORMATION CONTAINED IN THIS ARTICLE IS NOT TO BE CONSTRUED AS LEGAL ADVICE OR LEGAL REPRESENTATION AND SHOULD NOT BE RELIED UPON AS SUCH.
Categories: Dementia & Alzheimer's, Elder Law, Estate Planning, Financing, Fraud & Abuse, Senior Exploitation & Abuse
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Resources and Support for Older Adults Living Alone: A Comprehensive Guide (2024) (ncoa.org)
Elder Organizer Tool:
Foster Swift has created a free ‘Elder Organizer’ digital notebook to provide seniors and their caretakers with a toolkit that helps organize doctors’ appointments, medications, and more that can be shared online. The tools below are also available on the Elder Law Resources page.
*For those trying to access these links by smartphone, it is best practice to copy/open the link in a separate tab and download the free Google Sheets app from Google Play or the Apple Store.
Need Help Planning?
For more tools, visit our Elder Law Resource page for additional content. Click here to view/download the Foster Swift estate planning brochure to see what our experienced team of attorneys can do for you.
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