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  • Susan Cook

Elder Financial Abuse


Elder care in Charlevoix, MI. The elderly are becoming increasingly more at risk for elderly financial abuse, especially if they are experiencing dementia or Alzheimer’s. Financial exploitation is defined as “the illegal or improper use of the property, assets or funds of people 60 and older.” This can include identity theft, credit card fraud, abuse of power of attorney, reverse mortgage scams, living trust and annuity scams and more. This can affect any senior regardless of their income bracket.

Often it is family members that take advantage of the elderly including sons, daughters, grandchildren or spouses. They may be targeted because they have many helpers caring for them and they may not have the ability to use sophisticated financial managing tools or software. They may have mental, visual or physical impairments that make them extremely vulnerable. Isolation and loneliness often increases the chance of this happening, so regular social interactions and outings can help.

Safeguarding elderly loved ones is important. Attend meetings with them at professional advisors. Take notes for them and make plans to protect them. Watch for signs of abuse such as changes in their spending habits, excessive spending, missing property or valuables, large withdrawals, unpaid bills or someone trying to isolate the senior. Talk to all caregivers often or have monthly meetings to discuss the care plan and keep all accountable. This ensures the best care of the elderly individual.

If you or someone you know needs help with elderly care services in Northern Michigan including Petoskey, Charlevoix, East Jordan, Boyne City, Harbor Springs and surrounding communities, contact 1Senior Home Care Inc. We provide quality and affordable home care services in our community. Call us at (231) 547-5818 or email carolinev@1seniorhomecare.com for more information. www.1seniorhomecare.com

References:

“Protect your family from elder financial abuse” The Costco Connection. October 2015. Pg. 14.

http://www.preventelderabuse.org/elderabuse/fin_abuse.html

http://www.nolo.com/legal-encyclopedia/helping-seniors-manage-money-finances-32268.html

#Finances #Elderly

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