EFFECTIVE WAYS TO PREVENT FINANCIAL ELDER ABUSE

Financial elder abuse is becoming rampant and fast increasing by the day, and this ugly problem is not just common with the elderly rich and famous, but it s becoming a problem that is affecting a lot of elderly people.

A lot of people talk about financial elder abuse, but we need to understand that situation has gone beyond fraud and trying to target elders in order to over their hard earned wealth.

What is Financial Elder Abuse?

Financial elder abuse can be defined as a situation where the loved ones, members of the family, friends, children, neighbors and caregivers of an elderly person try to manipulate and take advantage of their wealth and finances.

This form of crime against the elderly robs them of their independence and the hard earned resources.

The most painful part of this fast growing problem is that the people that end up perpetrating this wicked act are the people that the elder person has trusted with their finances.

Elderly financial abuse happens in different patterns such as the child of the elderly person charging their bills to the credit card of the elderly parent, or even a caregiver doing everything within their reach to be added in the elderly persons will. 

Most times these things are done gradually, so the elder person will never know that they are being taken until it becomes too late.

Ways to prevent financial elder abuse

• Be vigilant. People that perpetrate this sort of crime against the elderly are in most case smart and intelligent people. These type of people can have a charming personality and come under the guise of being a guardian angel in order to exploit and convince you to put them in charge of your wealth and finances. Be vigilant, and don’t fall for their tricks. If you observe anything fishy about their niceness, then back out immediately. 
• Keep records. In order to keep tab on your spending, it is highly advisable that you make your payments credit card and check. This will enable you to keep proper record of all spending.
• Be bold and speak out. A lot of financial elder abuse happens because some victims are either too afraid, or intimidated to speak out. The finance and wealth is yours, so don’t allow anyone to intimidate you, and whenever you feel that the person you entrusted with your finances is trying all negative ways to defraud you, speak out and report to the appropriate authority.
• Plan adequately for the future. In order to properly protect yourself and your finances, you need to plan ahead for the future. Talk to an account and your lawyer about your wishes, and they will advise you on the best options to take.
• Keep all your vital information safe. Keep your checkbook locked up, and make sure all the vital documents and information regarding your finances are kept in a safe, far away from the prying eyes of strangers and people you don’t trust.
• For your personal safety, and unless the person is well trusted, you should not give or share your personal information such as social security number, your account number, and any information regarding your finance on phone.
• Build a trusting relationship with your account officer and your bank, because they can act as a form of security in case anyone one wants to tamper with your account.
• Don’t be in haste to make any major financial decision. Always seek the advice of an account and your lawyer, let them advice you properly before you sing any financial document.
• In respect to all the matters relating to your estate chose a person that has a track record of being trustworthy to handle it, and if you want to hire a caregiver or any type of worker make sure to carefully check their credential and references.
• To ensure your credit report is accurate, your should order copies of it annually, and all credit card offers that you didn’t use should be shredded or burnt, including bank statement and receipts.
• Children of the elderly should make it as point of duty to monitor and have a relationship with the caregivers of their elderly parent, because if they know you are watching, the likelihood of exploiting or financially abusing your elderly parents will be reduced.