Elder financial abuse, especially by caregivers and family members, occurs more commonly than you’d imagine. According to 2020 statistics, cases of elder financial abuse in the U.S. rose by 10%, with losses adding up to over $113 billion. Also known as “senior fraud,” these offenses can range from simply taking cash from an elder’s wallet to scheming to have an elder’s will or trust changed.
Since these offenses can easily put a loved one underwater financially, knowing the common signs of elder financial abuse will help you prevent such harm. Get familiar with the red flags, so that your elder family members are properly protected.
Common Signs of Elder Financial Abuse
If you notice any of these signs, we’d suggest reaching out to an elder financial abuse attorney to pursue your recompense:
- Large, unexpected withdrawals from an elder’s accounts
- Money or items missing from their household
- Sudden changes to wills, power of attorney, titles, or policies
- Discrepancies in the senior’s financial standing or credit report
- Unpaid bills and lack of medical care
- Uncommon subscriptions, purchases, or services
- Unfamiliar names on the elder’s bank signature card
How to Prevent Elder Financial Abuse
The two most basic forms of elder protection are: 1. Being able to identify the signs of elder financial abuse, and 2. Keeping consistent communication with your loved one, such as weekly or even daily check-ins. A common way families keep tabs on their elderly members is through group-accessed bank account summaries, or phone alerts triggered by transactions.
Most importantly, don’t leave your elder in a state of isolation. The longer they’re left alone, the more likely they’ll be to fall victim to an abuser’s ploys. If an elder family member has already experienced financial abuse, don’t hesitate to contact a trusted California elder financial abuse attorney.
Gokal Law: Orange County Elder Abuse Attorneys
If you’ve picked up on recent signs of elder financial abuse, or have already fallen victim, it could be time to contact an Orange County trust attorney to bring your abuser to justice. Gokal Law Group is your go-to law firm for help navigating trust litigation, estate administration, and cases of elder abuse. When you consult us, you can rest easy knowing our attorneys are tried and tested in helping trustees administer their estates and trusts, as well as litigation if negligence or self-dealing is at play.
Each attorney vast years of experience, providing them the knowledge, skills, and vision to fight and win. Learn more about Gokal Law Group, and reach out to our offices for assistance in enforcing or invalidating changes to trusts.