What Are The Signs Of Financial Elder Abuse?
Many elderly people struggle with managing, and going about, their day-to-day lives. This can lead to elder abuse of various sorts, including financial elder abuse.
Going over the signs of financial elder abuse, and speaking with an estate planning lawyer, will allow your elderly loved one to protect their financial assets.
What Is Financial Elder Abuse?
Right before we clarify what, exactly, financial elder abuse is, we must first clarify what elder abuse is. And, with that in mind, elder abuse is an act, or a lack of appropriate action that causes harm/distress to an elderly individual.
Just as an example, if a caretaker physically assaults the elderly person that they are supposed to be taking care of on a regular basis, then that would be considered elder abuse.
On the other hand, if there is no expectation of trust between the elderly person and the person who instigated the abusive act – the person that instigated the abusive act was a stranger, for example – then that would, generally speaking, not be considered elder abuse.
Given the facts outlined above, financial elder abuse is an act, or a lack of appropriate action, that often involves at least one of the following:
- Stealing an elderly person’s money, property, or assets.
- Making use of an elderly person’s assets without their assets.
- Failing to satisfy an elderly person’s financial responsibilities.
Some examples, of the above, are as follows:
- A caretaker who steals an elderly person’s cash.
- A person who threatens an elderly person with abuse if they don’t allow them to use their car.
- A caretaker who fails to take care of the elderly person’s medical payments.
Other examples exist. But, the above are far too common.
What Are The Signs Of Financial Elder Abuse?
A wide variety of different signs can indicate that your elderly loved one is the victim of financial elder abuse. Some of the most notable, of these signs, are as follows:
- Changes in your elderly loved one’s signature on their financial documents.
- Unpaid bills and debts that should be, and can be, paid off.
- Significant withdrawals from your elderly loved one’s financial accounts.
- The surprising addition of a person’s name on your elderly loved one’s estate planning documents.
- Unexpected financial losses that have occurred.
Every single one of the above can be a sign of financial elder abuse.
How Can Estate Planning Protect Your Elderly Loved One From Financial Elder Abuse?
A good estate plan can protect your elderly loved one’s assets with an effective will and trust.
Just as an example, if your elderly loved one develops a will, then if someone adds their name to this will under malicious pretenses, this can be contested.
Outside of the above, though, a good estate plan can also create an effective power of attorney.
A power of attorney can allow a trusted individual to manage certain aspects of the elderly person’s life. This way, if someone attempts to steal from an elderly person, they will have to go through that person first.
Yet another mechanism that proper estate planning can develop is a health care directive. This, too, can allow a trusted individual to make healthcare decisions for your elderly loved one if they are unable to do so on their own.
Speak With A Florida Estate Planning Lawyer Today
You can protect your elderly loved one from financial abuse with an effective estate plan. Speak with a Florida estate planning lawyer at the Millhorn Elder Law Planning Group today and we will help your elderly loved one develop an estate plan that satisfies their needs.
Sources:
nia.nih.gov/health/elder-abuse/elder-abuse
law.cornell.edu/wex/power_of_attorney
law.cornell.edu/wex/health_care_directive
