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Preventing and remedying elder financial abuse

On Behalf of | Jun 14, 2024 | Elder Law | 0 comments

Elder financial abuse is a growing issue. It targets some of the most vulnerable people in society. Knowing how to prevent it and understanding legal remedies can help protect elders’ finances. It can also create justice for those harmed.

Prevention strategies

Preventing elder financial abuse starts with education and awareness. Families should openly discuss financial matters. Encourage your older family members to stay informed about their finances. Regularly checking bank accounts and financial statements can help catch unusual activities early. Setting up a power of attorney with a trusted person can provide oversight and reduce the risk of abuse.

Another effective strategy is to limit the amount of personal information shared, especially over the phone or online. Elders should be cautious of unsolicited offers and requests for personal or financial information. Providing elders with information about how to recognize scams and fraud can empower them to protect themselves.

Legal remedies

When financial abuse happens, legal remedies can help recover an elder’s losses and hold the abuser accountable.  Courts may also appoint a guardian or conservator to manage the elder’s finances and protect their assets.

Law enforcement agencies can investigate and prosecute cases of elder financial abuse, ensuring that offenders face appropriate penalties. Elders who have experienced abuse and their families should report suspected abuse promptly to local authorities or adult protective services.

Taking action

Addressing elder financial abuse through prevention and legal measures is crucial. By staying vigilant and informed, families and communities can help safeguard elders from financial exploitation and seek justice when abuse occurs.