Financial Abuse
Assured Assistance
Financial abuse is just one of the issues facing elder’s today.
June is a time to take another look at things. Learn how to protect yourself and your family by taking a few minutes to understand what risks you may have. Financial abuse can look very differently depending on the type. Here we will look at several different types of abuse, what the consequences might be and how to avoid them to begin with.
There are several types of financial abuse to look out for:
- Cashing a check without permission
- Coercing elders to entertain a risky business opportunity for personal gain
- Forging signatures
- Stealing or misusing a person’s possessions or money
- Falsifying a document to get an elder to sign documents for personal gain
Financial abuse can be devastating.
There could be loss of money or physical assets or have damage done to your credit rating. There could be legal ramifications which could range from minor offense to possible jail time. Or you may no longer have the ability to pay your bills. All of these consequences could be significant by themselves but then they are compounded by the emotion toll. Working thru the resolution of this could cause anxiety and or depression. It may be difficult to admit how you were taken advantage of. There may be conflict among your family as to how to resolve the issue or how to protect yourself moving forward. You may also have the stress of being unable to pay current bills. The entire situation can become overwhelming.
Who would look to take money from an elderly person?
It could be a family member who is looking to get ahead or who feels they are ‘owed’ this money. This could be a trusted family member, close friend, or caregiver. It could be a business professional who sees an opportunity where someone is mentally compromised. It could also be the typical criminal or con artist who is looking to take advantage of anyone to make a buck.
These individuals see an opportunity and look to take advantage of the situation. They do this by phone, email or even in person. A common phone scam is when the caller says your grandson was in a terrible accident and needs money to get out of jail. They usually know enough information about the person for you to believe the situation is real. They ask for money or gift cards to be sent to them. They will then make sure the grandson is taken care of. They use urgency to make you think you have no time to call anyone or check in to the facts, you just need to act quickly.
How do you protect yourself when anyone can be the target of financial abuse?
This is the million-dollar question. There are several things you and your family can work together on. Hold family meetings several times a year to go over your financial picture. Allow them to double check investments or log onto accounts to be sure the information all looks current and accurate. An immediate red flag is anyone asking for financial information on the phone. Be suspicious of these phone calls. Be sure you know who you are speaking with. Legitimate businesses will not ask for personal or financial information in a phone call.
The age old saying, ‘if it is too good to be true, it probably is’ is a great thing to keep in the back of your mind, especially when dealing with business investments or contracts. Always request things in writing and then take time to read thru the contracts. Have a lawyer or trusted friend read it as well. Investigate the legitimacy of the business or charity by using the Better Business Bureau and other online searches.
The DO NOT CALL list is a way to block unknown and unsolicited calls. You can visit the website at donotcall.gov. Here you can register your number to stop telemarketers from calling you. This website has some other information you can use to protect yourself.
Assured Assistance is a non-medical caregiver company based in Shillington, PA. serving Reading, Wyomissing, Sinking Spring and surrounding areas. Assured Assistance provides in home senior care, for seniors who want to remain in their homes but need some assistance to complete everyday tasks. Assured Assistance also provides respite care, home care, and compassionate skilled senior care. In home assistance we can provide includes but is not limited to…Companionship, Errand Services, Housekeeping, Laundry Services, Transportation, Organization Needs, Meal Preparation, Shopping/Groceries, Family Respite Care, Grooming/Hygiene Assistance AND More. We provide service when you want and how you want, anything from 3 hours to 24/7. If you are a caregiver who needs respite, a family member looking to assist your parents in their journey to remain independent or simply looking for help for yourself, call Assured Assistance at 610-796-4737.