Tuesday, July 2, 2019

Interesting Facts You Need To Know About Elder Financial Abuse

By Raymond Watson

Individuals who spent a majority of their youth saving a part of their income may be able to retire rather comfortably. This of course gives them the opportunity to be able to enjoy the rest of their lives without worrying about how much money they have left. However, certain instances can threaten this safety net which can lead to the elderly suffering extreme financial loss. Here are some facts you need to know about elder financial abuse.

Financial abuse for elders refers to the mishandling or misappropriation of financial resources and assets owned by the senior. This usually happens within a context of a relationship where the handler or the fiduciary is in charge of said assets. What makes this arrangement so dangerous is that these citizens may be unaware that there is financial abuse going on until all their assets disappear.

Some actions that may be considered as financial abuse towards the elderly include deliberately avoiding their duties, transferring large amounts of money into their own personal account without authorization, and preventing the owner from gaining access to their own net worth. What makes this situation truly dangerous is that it usually happens when there is an obvious power imbalance between the two parties. Typically when the fiduciary is a seemingly trustworthy person and the senior is suffering from an illness or an injury that affects their sense of judgment.

Fortunately, persons can protect themselves from this abuse by taking some precautionary steps. These involve checking out the red flags before it gets worse and taking the necessary legal actions immediately. Be warned that these caregivers may make an effort to hide their traces so it is best to do your investigation vigilantly.

Another warning sign to also look out for is the loss of various personal properties. These include automobiles, deeds, valuable collections, and jewelry, all of which can be sold for a hefty price. Similar to money transfers, property loss usually starts out small until the abuser eventually gains confidence and starts selling more valuable items without the permission of the associate.

One sign that the elderly should look closely is to see whether their financial caretakers were able to pay their bills. These include amenities, utilities, and rent needed for you to get by. If the unpaid status has been going on for months, you run the risk of having your utilities cut off while also facing the threat of eviction. The latter can even lead to homelessness if you are unable to find a place to stay in.

These are of course just some ways that a handler can financially abuse an elderly person. Since scenarios may vary, many senior citizens often do not consider themselves as abused especially if their fiduciaries are relatives and people they are exceptionally close with. When this happens, it makes it difficult for them to cut all ties severely which can affect their physical and emotional health.

Additionally, there are certain persons who are more susceptible to this kind of abuse. Some examples include seniors suffering from serious illnesses and injuries that make it difficult for them to make decisions, persons who are not fluent in English, and isolated persons who would rather stay with their dysfunctional families than break it off. Each of these instances can be quite difficult to pinpoint especially if one needs proof.

Most seniors are unaware of the impact of such abuse because they are either too vulnerable to assert their rights or they are unaware of certain procedures. To protect your financial stability, consider hiring an estate lawyer or an agency that offers reliable asset management. Many of such parties are not only qualified to work in your favor but can also provide suggestions that can help you stay comfortable.

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