Elder financial abuse is a serious crime that affects millions of elderly adults each year. As people age, they may become more vulnerable to scams and financial exploitation, making them prime targets for criminals. Elder financial abuse can have devastating consequences, including financial ruin, loss of independence, and emotional distress.
Let’s discuss elder financial abuse, how to recognize the signs, what to do if you suspect someone you know is a victim of elder financial abuse, and how a Houston elder law attorney can help.
Elder financial abuse occurs when an elderly person is exploited or taken advantage of financially.
This can happen in many ways, such as:
Elder financial abuse can be difficult to detect, as victims may be hesitant to report the abuse out of fear, embarrassment, or shame.
However, some common signs may indicate that an elderly person is being financially abused:
If you suspect that someone you know is being financially abused, there are several steps you can take:
Elder financial abuse is a serious crime with devastating consequences for its victims. If you suspect someone you know is being financially abused, it is important to take action. Those victimizing your loved one need to be held accountable, and your loved one deserves justice and protection.
Contact us today at Your Legacy Legal Care. By working together, we can help protect our elderly loved ones from financial exploitation.
The punishment for elder financial abuse varies depending on the severity of the crime and the laws in the state where the abuse occurred. Sometimes, the abuser may face fines, probation, or imprisonment. In addition to criminal penalties, the victim may also be able to pursue civil action against the abuser.
Several steps can be taken to help prevent elder financial abuse. These include educating elderly adults about the warning signs of financial abuse, helping them set up automatic bill payments and direct deposit, encouraging them to only work with reputable financial professionals, and monitoring their accounts for any unusual activity.
It’s also important to set up a power of attorney document to reduce the chances of financial exploitation.
Anyone can commit elder financial abuse, but it is most commonly committed by family members, caregivers, and other people who have close relationships with the victim.
Victims of elder financial abuse may get help from various resources, including law enforcement, adult protective services, and organizations that advocate for the rights of the elderly. It is important to seek help immediately to protect the victim’s assets and prevent further abuse.
Kimberly Hegwood is the Managing Attorney of Your Legacy Legal Care, a Houston estate planning law firm. With more than 25 years of experience practicing law in Texas, she represents clients in a wide range of legal matters, including elder law, asset protection, estate planning, Medicaid crisis planning, probate, guardianship, and other estate planning practice areas.
Kimberly received her Juris Doctor from the South Texas College of Law and is a member of the State Bar of Texas.
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