Legal Solutions

Common signs of elder financial abuse

On Behalf of | Apr 11, 2022 | Elder Law

Elder financial abuse is more common than many people realize. In fact, some studies estimate that millions of elderly people in America are financially abused, costing them billions of dollars each year. This is staggering and completely unacceptable. That’s why if you suspect that a loved one is being taken advantage of, then you need to be diligent in seeking legal protection.

How do you identify financial abuse?

Financial abuse can take many forms. But here are some of the more common red flags that you should be on the lookout for as you assess your loved one’s situation:

  • Large withdrawals are taken from your loved one’s accounts or big transfers are made to the account of another.
  • Your loved one suddenly and seemingly unjustifiably changes his or her will or other estate planning documents.
  • Your loved one experiences abrupt mood changes.
  • Your loved one signed documentation that he or she didn’t fully understand.
  • Your loved one’s checks have been forged.
  • Your loved one doesn’t understand his or her financial position.
  • Bills are going unpaid.
  • Eviction is imminent despite your loved one having financial resources.
  • Your loved one is being charged too much for products or services.
  • Your loved one has made a new “friend.”
  • Items of personal property have gone missing.

Act now to protect your loved one

Financial fraud perpetrated on the elderly can be swift, which is why it’s important that you take action now if you suspect that your loved one is being cheated. It may be hard to know where to start with one of these cases, but that’s why competent legal professional like those at our firm stand ready to assist you in finding the accountability and the protection that is deserved.