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.
Financial abuse for elders refers to the mishandling or misappropriation of financial resources and assets owned by the senior. This usually happens within a context of a relationship where the handler or the fiduciary is in charge of said assets. What makes this arrangement so dangerous is that these citizens may be unaware that there is financial abuse going on until all their assets disappear.
Some actions that may be considered as financial abuse towards the elderly include deliberately avoiding their duties, transferring large amounts of money into their own personal account without authorization, and preventing the owner from gaining access to their own net worth. What makes this situation truly dangerous is that it usually happens when there is an obvious power imbalance between the two parties. Typically when the fiduciary is a seemingly trustworthy person and the senior is suffering from an illness or an injury that affects their sense of judgment.
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.
These are of course just some ways that a handler can financially abuse an elderly person. Since scenarios may vary, many senior citizens often do not consider themselves as abused especially if their fiduciaries are relatives and people they are exceptionally close with. When this happens, it makes it difficult for them to cut all ties severely which can affect their physical and emotional health.
Additionally, there are certain persons who are more susceptible to this kind of abuse. Some examples include seniors suffering from serious illnesses and injuries that make it difficult for them to make decisions, persons who are not fluent in English, and isolated persons who would rather stay with their dysfunctional families than break it off. Each of these instances can be quite difficult to pinpoint especially if one needs proof.
Most seniors are unaware of the impact of such abuse because they are either too vulnerable to assert their rights or they are unaware of certain procedures. To protect your financial stability, consider hiring an estate lawyer or an agency that offers reliable asset management. Many of such parties are not only qualified to work in your favor but can also provide suggestions that can help you stay comfortable.
Financial abuse for elders refers to the mishandling or misappropriation of financial resources and assets owned by the senior. This usually happens within a context of a relationship where the handler or the fiduciary is in charge of said assets. What makes this arrangement so dangerous is that these citizens may be unaware that there is financial abuse going on until all their assets disappear.
Some actions that may be considered as financial abuse towards the elderly include deliberately avoiding their duties, transferring large amounts of money into their own personal account without authorization, and preventing the owner from gaining access to their own net worth. What makes this situation truly dangerous is that it usually happens when there is an obvious power imbalance between the two parties. Typically when the fiduciary is a seemingly trustworthy person and the senior is suffering from an illness or an injury that affects their sense of judgment.
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.
These are of course just some ways that a handler can financially abuse an elderly person. Since scenarios may vary, many senior citizens often do not consider themselves as abused especially if their fiduciaries are relatives and people they are exceptionally close with. When this happens, it makes it difficult for them to cut all ties severely which can affect their physical and emotional health.
Additionally, there are certain persons who are more susceptible to this kind of abuse. Some examples include seniors suffering from serious illnesses and injuries that make it difficult for them to make decisions, persons who are not fluent in English, and isolated persons who would rather stay with their dysfunctional families than break it off. Each of these instances can be quite difficult to pinpoint especially if one needs proof.
Most seniors are unaware of the impact of such abuse because they are either too vulnerable to assert their rights or they are unaware of certain procedures. To protect your financial stability, consider hiring an estate lawyer or an agency that offers reliable asset management. Many of such parties are not only qualified to work in your favor but can also provide suggestions that can help you stay comfortable.
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