Financial exploitation of the elderly continues to be a concern as seniors are increasingly becoming targets of financial abuse. Seniors are not only victimized by strangers but also by people they know, such as relatives, friends, and caregivers.
Financial elder abuse often includes:
- Withdrawing money from the victim’s bank account without their permission
- Opening accounts or loans in the victim’s name
- Stealing the victim’s Social Security checks
- Using the person’s credit cards to make purchases without their permission
Signs of Financial Elder Abuse
If you’re concerned that someone you know may be the victim of financial exploitation, it helps to know some of the signs to watch out for. The following are some common red flags:
- Unexplained bank account withdrawals
- Increased or unusual credit card transactions
- Missing checks or missing credit cards/debit cards
- Property that is retitled into someone else’s name
- Financial documents that appear to be tampered with
It’s important for seniors to make sure their finances are handled responsibly. Thus, it’s wise to appoint a trusted individual or a professional trustee to manage accounts for estate planning. An estate planning attorney can help ensure all aspects of estate planning, including asset protection, are carried out how their client wishes.
The Law Offices of Todd Cushner & Associates, P.C. possess extensive knowledge of the legal issues that involve estate planning to help avoid elder financial exploitation. Contact us at 914-600-5502.
