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Discuss Your Estate Concerns With An Experienced And Compassionate Lawyer
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Discuss Your Estate Concerns With An Experienced And Compassionate Lawyer

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Financial abuse of the elderly: Recognize these 3 red flags

Financial abuse of the elderly: Recognize these 3 red flags

On Behalf of | Apr 16, 2021 | Estate Planning

When people start getting older, sometimes they need to rely on others. Whom they rely on is just as important as how those people help them.

There have been many times when the elderly have relied on the wrong people, and their families found out too late. They may have lost their fortunes from someone skimming money from their accounts or by manipulating them into signing over the estate to the caregiver.

The financial abuse of the elderly is a common problem, but it’s one you can recognize. Here are three red flags you may notice and how to address them.

1.     Your mom’s or dad’s bank account is emptying faster than usual

If your mom or dad is in a nursing home, they may have a special spending account that they have access to. If money is being spent faster than usual, it’s time to ask why. Look into the facility and see if there are new expenses. If not, keep a close eye on the money that’s there and track where it’s going.

2.     An elderly loved one starts spending more time, and money, on a caretaker

The next thing to look at is if your mom or dad suddenly spends a lot of their time with someone new. If they are, and if you notice discrepancies in their banking account, it’s time to start asking questions. If that person is getting close to them to manipulate them out of money, you need to put a stop to that as soon as possible.

3.     You find out your relative changed their will

Finally, if you find out that your relative changed their will unexpectedly, you may want to go over it with them. If they seem not to want to talk about it or you find out that they have significantly altered the will, it may be a good time to speak with them about financial abuse, why they felt the need to change the will to add someone new and if they still have the capacity to make those kinds of decisions.

These are three red flags to watch out for. If your loved one is being taken advantage of, now is the time to act.