Types of Financial Elder Abuse

Family Member Fraud

Family Member Fraud

Sadly, fraud by a family member is an all too common form of financial elder abuse.  Typically, it involves a “dead beat” and unemployed adult son or daughter who lives with a surviving parent in that parent’s home.   The abuser has access to financial statements, credit cards, bank accounts and important legal documents.  The abuser may feel entitled to the parent’s money because the abuser takes care of the parent.  There are countless forms of the fraud.  The abuser may use “undue influence” to coerce the elder to change his or her power of attorney, will, trust, titles to property or insurance policy to benefit the abuser and exclude other rightful heirs.  He or she may take out a fraudulent “loan.”

To better protect against family member fraud, stay very involved with the elder.  Do not let him or her become isolated.  Anticipate incapacitation and appoint a trusted person as power of attorney before the elder becomes incapacitated. Consider making the power of attorney regarding any major financial decision to require the unanimous agreement of two or more trusted persons.  In the event of a dispute, the matter could be resolved by a neutral third party.

At Elder Protection Center we’re here to take immediate action to protect victims of financial elder abuse. If you suspect someone you love is a victim of fraud by a family member or if you have questions regarding their mistreatment – Call Us Now.

At Elder Protection Center, Protect the People You Love is our number one priority. We’d love to hear from you. Elder Protection Center is standing by for you and your loved ones – Today.

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