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 kind of abuse refers to what happens when a financial handler mishandles their position. As caretakers, they are expected to help the individual meet their financial requirements on a timely and safe manner. When the manager starts to perform malicious acts that can jeopardize the elderly person then it may be considered as abuse.
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.
The relationship between a handler and the victim can be quite complicated especially if the former is someone they know personally. In most scenarios, it is not uncommon for the owner to name certain relatives or close acquaintances as their handler. Depending on their relationship, many of the abused rarely consider themselves as the victim until it is too late.
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.
Next, watch out for suspicious bank activities. This includes constant transfers from your account to unfamiliar networks. Additionally, your fiduciary may even perform other malicious acts like signing assets in your name without you knowing. As a rule of thumb, always ask for a receipt from your handler even if it is for simple errands like going grocery shopping. This allows you to keep an eye on your finances closely.
Next are the suspicious bank transactions and other activities. These include having a large portion of your savings being transferred to several accounts without your knowledge. In addition, your handler may also be making big purchases under your name citing them as gifts for their friends and family members you never met.
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.
While these instances can be alarming, there are ways on how you can protect yourself from being taken advantage of. One way to do this is to hire an attorney who is able to oversee your assets. Additionally, individuals living in the United States may contact the Administration on Aging which is responsible for ensuring the rights and safety of the elderly and their assistants.
This kind of abuse refers to what happens when a financial handler mishandles their position. As caretakers, they are expected to help the individual meet their financial requirements on a timely and safe manner. When the manager starts to perform malicious acts that can jeopardize the elderly person then it may be considered as abuse.
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.
The relationship between a handler and the victim can be quite complicated especially if the former is someone they know personally. In most scenarios, it is not uncommon for the owner to name certain relatives or close acquaintances as their handler. Depending on their relationship, many of the abused rarely consider themselves as the victim until it is too late.
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.
Next, watch out for suspicious bank activities. This includes constant transfers from your account to unfamiliar networks. Additionally, your fiduciary may even perform other malicious acts like signing assets in your name without you knowing. As a rule of thumb, always ask for a receipt from your handler even if it is for simple errands like going grocery shopping. This allows you to keep an eye on your finances closely.
Next are the suspicious bank transactions and other activities. These include having a large portion of your savings being transferred to several accounts without your knowledge. In addition, your handler may also be making big purchases under your name citing them as gifts for their friends and family members you never met.
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.
While these instances can be alarming, there are ways on how you can protect yourself from being taken advantage of. One way to do this is to hire an attorney who is able to oversee your assets. Additionally, individuals living in the United States may contact the Administration on Aging which is responsible for ensuring the rights and safety of the elderly and their assistants.
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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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