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Is Your Loved One at Risk of Financial Abuse?

Have you heard that a lot of phone and email scams target the elderly? Not only may these individuals be susceptible to the scams, but they also have significant assets. That makes them a target for scammers.

However, it’s not just phone scams. Financial abuse of elderly people can take on a lot of different forms. In many cases, people close to elderly individuals try to manipulate them for their own gain.

For instance, a handyman in one case started working for an elderly woman. He used that relationship to get her to sign a power of attorney allowing him to make legal and financial decisions for her. Then, armed with that document, he got a reverse mortgage on her house. She had owned it for decades, but he took the money for himself. The bank nearly took her home when she failed to pay.

Another case involved an in-home caregiver, hired to make it easier for an elderly veteran to live on his own even though he had dementia. Instead of providing the care that he needed, the caregiver, along with her spouse, allegedly stole around $500,000. The man, who was 80 years old, was an easy target for them.

For family members, it is important to know that financial scams happen and the elderly are vulnerable. If something like this occurs and costs your family dearly, it is very important to know all of the legal options you have. Financial abuse is also just one type of elder abuse to be aware of, so you always want to look out for warning signs.