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.
This type of financial abuse refers to when a fiduciary of the elderly acts in a way that can jeopardize their finances. Many older persons who are vulnerable to illnesses or injuries may require caretakers to handle their assets in their place. When said manager is too careless with their spending, this can lead to massive financial trouble that can affect the individual.
This kind of abuse can be dangerous if one does not recognize the first warning signs as soon as possible. Another factor that can also contribute to its stealthy nature is the fact that many seniors assign people they know to handle their resources. These include family members or friends they have a close bond with which is what makes this act incredibly insidious. In fact, many individuals do not even consider themselves as victims until much later.
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.
Financial abuse towards the elderly is not always obvious. In fact, a large majority of the abusers are individuals that the seniors may know very well like family members and even old friends. Because of its seemingly close bond, many seniors often let these persons handle their assets despite the fact that they know deep down it is unlawful and unethical.
Fortunately, there are ways for vulnerable individuals to protect their hard earned cash. One way to do this is to hire an attorney who has experience in managing and dividing assets among family members equally. Additionally, one can also hire a neutral third party from any financial assistance institution to monitor any and all of your bank accounts and credit requests. Good luck and stay safe.
This type of financial abuse refers to when a fiduciary of the elderly acts in a way that can jeopardize their finances. Many older persons who are vulnerable to illnesses or injuries may require caretakers to handle their assets in their place. When said manager is too careless with their spending, this can lead to massive financial trouble that can affect the individual.
This kind of abuse can be dangerous if one does not recognize the first warning signs as soon as possible. Another factor that can also contribute to its stealthy nature is the fact that many seniors assign people they know to handle their resources. These include family members or friends they have a close bond with which is what makes this act incredibly insidious. In fact, many individuals do not even consider themselves as victims until much later.
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.
Financial abuse towards the elderly is not always obvious. In fact, a large majority of the abusers are individuals that the seniors may know very well like family members and even old friends. Because of its seemingly close bond, many seniors often let these persons handle their assets despite the fact that they know deep down it is unlawful and unethical.
Fortunately, there are ways for vulnerable individuals to protect their hard earned cash. One way to do this is to hire an attorney who has experience in managing and dividing assets among family members equally. Additionally, one can also hire a neutral third party from any financial assistance institution to monitor any and all of your bank accounts and credit requests. Good luck and stay safe.
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Get a summary of the things to keep in mind when picking an elder financial abuse attorney and more information about a knowledgeable lawyer at http://www.linghamconsulting.com/index.php?option=com_content&view=article&id=19&Itemid=205 now.
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