Financial abuse and exploitation of the elderly comes in many forms. While you most commonly hear stories on the news about scam artists that trick elderly citizens out of their retirement funds, most often the person responsible for the financial abuse and exploitation is a caregiver, and most commonly that caregiver is a trusted family member.
While firm facts and figures are impossible to guess, a 2009 MetLife study estimated that the number of victims in the United States is a staggering one million. The typical victim is a woman, in her 70s to 80s, that is physically or mentally dependent upon a family member as a caregiver.
How do you spot trouble if it is happening to someone you care about? Sometimes, the victim is aware that they have been taken advantage of, but too proud to tell other family members of his or her mistake. Other times, the trust is placed in the caregiver and the victim has no idea they have been financially abused or exploited.
Common “red flags” of this type of abuse include:
- A caregiver that has control of the elder’s money, but the elder is going without necessary care, or decisions are being made that are not in the elder’s best interest.
- Elder has signed over property transfers, such as Power of Attorney, a new will, or property deeds without being able to fully understand what he or she has done.
- An elderly family member suddenly, and seeming voluntarily, gives an uncharacteristically large or excessive financial reimbursement, gift or valuable item or property in exchange for necessary care or companionship.
- Lack of amenities that the elderly person should be able to afford. For example, utilities being shut off when there are ample funds to pay the bills, a sudden decline in the quality of groceries bought, and so on.
If you notice any of the warning signs, consult the assistance of a qualified Cleveland elder law attorney.
