skip to Main Content
How To Protect Your Family Members — Or Yourself — From Elder Abuse

How to Protect Your Family Members – or yourself – From Elder Abuse

A trusting nature can get older people in a lot of trouble when it comes to finances.

Elder abuse comes in many forms, but financial abuse was the second most common around the world, according to a recent study of people 60 and older supported by the World Health Organization and published in the journal Lancet Global Health: 6.8% who were financially abused, just behind the 11.6% said they were psychologically abused and followed by 4.2% who were neglected, 2.6% who were physically abused and 0.9% who were sexually abused.

Older people can be the victim of numerous types of financial crimes, such as someone they know using their money without permission, forging their signature, scamming them with fabricated stories or coercing them to sign a deed, will or other important documents. Sometimes family members and friends are the ones to commit the crimes, other times it’s complete strangers familiar (or not) with their situation.

“Once the money is gone, it’s almost impossible to get it back,” said Todd Minear, a financial adviser and founder of Open Road Wealth Management in Kansas City, Mo.

Here are ways to protect against financial elder abuse:

Go beyond reviewing bank and investment accounts

The elderly, their loved ones and financial advisers can skim bank and investment accounts or credit card statements to see if something is wrong, or missing entirely, but they should also question certain transactions. In some cases, their credit cards may have been used without permission, such as a relative using it to subscribe to magazines or watch on-demand movies, but other times…

Leave a Reply