One in ten people in the United States aged 60 or older has been victims of elder abuse, with financial exploitation being on top of the list. Abuse of an elder's finances occurs when a person uses an elderly person's (those aged 60 or over) money or other assets for personal gain in a way that is either unlawful or inappropriate.

According to the National Council on Aging, victims of financial exploitation of older people lose up to $36.5 billion annually as a result of the crime. This is a significant amount of money. It is common for family members, close friends, or caretakers to be the perpetrators of emotional abuse, making it tricky to identify than other forms of abuse such as neglect and physical abuse. Only a qualified elder abuse attorney can help identify the issue and propose the best way forward. Let's take a closer look at www.barrattorneys.com.

The Financial Exploitation of Seniors and How It Occurs

Elderly people are more likely to deal with financial fraud and abuse for various reasons. For example, the elderly person being assaulted may have a mental illness like Alzheimer's or dementia in certain instances. These health problems might be used as a ploy by the offender to take control of the victim's money and utilize them for their own gain. It is worth mentioning that even when an elderly person is mentally capable and has no disabilities, they are still candidates for financial exploitation – frequently at the hands of people closest to them.

Adult children are the most prevalent perpetrators of elder financial abuse. However, financial caretakers, such as trustees, power of attorney, conservators, or guardians, might also try to exploit the situation. Caretakers and nursing personnel have been known to steal checkbooks and credit cards from residents. For example, they could coerce an individual into signing documents that transfer ownership of their vehicle, home, savings account, or any other form of investment without their permission—or deceive them into signing a legal document or will that does so. It is sometimes hard to identify this form of abuse, especially in nursing homes and assisted living, but elder abuse attorneys can guide you through the process.

Conclusion

Elder financial exploitation is a form of financial abuse where the perpetrator exploits an older person's inability to protect themselves by taking advantage of their assets and living expenses. In these cases, the abuser manages to take control over the vulnerable person's money, causing them to live in poverty and even destitution. Financial exploitation of an older adult can have long-term effects, and that is why it is essential to connect with an elder abuse attorney as soon as possible to minimize the impact of abuse and even reverse the situation.