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Financial Abuse of Elderly People: Know the Signs

Published on May 16, 2013 at 8:00 am in Nursing Home Abuse.

Kentucky Elderly Financial AbuseMost people who have elderly family members living in a Kentucky nursing home are familiar with the signs of physical or emotional abuse. However, elderly individuals are at a particular risk for a type of abuse that is less common among younger people: financial abuse.

Financial abuse involves the theft or conversion of money, property, or other valuables from an elderly person. It is often carried out by someone the elderly person trusts or someone responsible for caring for the person, like a nursing home staff member. Although financial abuse doesn’t leave physical or mental health damage, it is serious, and it can cause serious harm. An experienced Kentucky nursing home abuse attorney can help you determine if financial abuse is occurring, take steps to stop it, and seek restoration of any lost assets.

Signs of financial abuse may include:

  • The title of an elderly person’s assets is transferred to another person and the assets are quickly sold, especially if there is no longstanding relationship or the money is not immediately needed to care for the elderly person.
  • The balances of checking, savings, or investment accounts changes inexplicably, or charges appear on statements that cannot be explained.
  • The elderly person’s living conditions are well below what they should be, given the assets he or she should have.
  • Frequent checks or sums of cash are given to the caregiver or a financial professional, especially if investigation shows that the elderly person did not directly benefit in some way from the transfer.
  • Personal belongings are missing.
  • Caregivers are evasive when asked financial questions, insist on being present when financial matters are discussed, or begin to isolate the elderly person from family members and friends.
  • The elderly person takes out large, unexplained loans, or unexpected changes are made to the estate.