subject: The Recession's Impact On Financial Elder Abuse [print this page] The economic recession is continuing to have a devastating effect on many people throughout the United States. In many instances, senior citizens tending to their finances may be feeling the adverse effects even more than most others.
Law enforcement officials say that since the recession began they have seen an increase in the amount of elder financial fraud. This may not be surprising, as the National Committee for the Prevention of Elder Abuse has found that more than 70% of this country's wealth is controlled by people over the age of 50. This makes them very attractive targets for cold-hearted criminals and corrupt corporations.
This problem is exacerbated since a senior citizen's family members often aren't aware of how vulnerable their loved ones are until it's too late to do anything about it. One of these reasons is that confusion about finances and money can be one of the first indications of dementia.
Whether your loved one is still living at home or an assisted living facility, one of the best things that you can do to prevent them from being financially exploited by their "friends" or an institution is to see them on a regular basis. You should also be aware of any indications that they are being abused.
Here are a number of the signs that may indicate your loved one is being financially abused that you should look for:
They have developed an uncharacteristic pattern of not paying their bills.
There is financial activity in their savings, checking, and other financial accounts that your loved one cannot explain.
Your loved one's financial statements are no longer being sent to where they live.
The amount of care and attention that the elderly person receives is less than is appropriate for the size of her or his estate.
The senior citizen's new "friends" are making suspicious withdrawals from his or her bank accounts.
There is a sudden change in power of attorney forms, wills, and/or other types of financial documents.
If your elderly loved one is being financially exploited, there is a likely chance it could lead to other forms of elder abuse.
For example, if they are still living at home and receiving home care and their funds are stolen, these accounts could ultimately become exhausted. If they live in a nursing home, they may also become vulnerable to more traditional types of nursing home abuse problems such as physical abuse, bed sores, and neglect.
If you suspect that someone you love who is being financially or otherwise abused then you should talk with a nursing home abuse lawyer.
by: Wendy Moyer
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