Older adults often live on fixed incomes and rely on the resources they’ve preserved during their careers to sustain themselves in their golden years. Unfortunately, some people look at the assets owned by older adults as an opportunity for their own enrichment.
There are always those willing to take advantage of vulnerable people for personal gain. The financial abuse of older adults is relatively common. Caregivers, family members and opportunistic strangers are among those who may target an older adult for financial abuse or exploitation.
Family members and other concerned parties may need to take prompt action in cases where there are warning signs of financial exploitation. What are some of the red flags to watch for when supporting a vulnerable older adult?
1. Unexplained transactions
Helping a family member review their monthly bank and credit card statements can lead to the identification of unexpected transactions before financial abusers cause too much damage. There may be a few test transactions for smaller amounts before those with access to an individual’s financial information attempt larger charges. Comparing spending habits with statements can identify unknown transactions and help families intervene to lock down compromised accounts.
2. Unmet obligations
In some cases, older adults experience direct pressure or theft from caregivers or family members. They may fear reporting the misconduct they experience due to the risk of retaliation or the loss of a relationship on which they currently depend. When another party wastes an older adult’s money or misappropriates their assets, the vulnerable older adult may become unable to fulfill their routine financial obligations, which can lead to escalating collection efforts, eviction, foreclosure and other challenges.
3. Isolation caused by new relationships
In some cases, financial exploitation involves creating a close relationship with an older adult and then isolating them from others who might warn them about providing gifts or other forms of financial support to this new acquaintance. When a much younger love interest or new online friend starts encouraging an older adult to self-isolate or cut off specific people in their inner circle, that can be a warning sign that the person interfering in those relationships has nefarious financial intentions.
People who suspect financial abuse of an elder may need to take action to support a vulnerable loved one. The guidance of an elder law attorney can help concerned individuals hold caregivers, manipulative family members and con artists responsible for stealing from or otherwise financially manipulating an older adult.