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4 Tips to Help Avoid Financial Abuse

The elderly are fairly vulnerable when they are getting assistance from caregivers. They depend on these people. The unfortunate reality is that caregivers may attempt to take advantage of the situation for their own financial gain. It’s important to know what signs to look for and what scams tend to target the elderly.

At the same time, you want to know what steps you and your family can take in advance to prevent this type of abuse. Here are four important ones:

  • Talk about expenses openly. Make sure that you know how much money should be spent on everything.
  • Talk about overall wealth and assets, as well. It should never be a secret. You need to know what to expect so that you can see if anything looks out of place.
  • Include the entire family when talking about things like financial powers of attorney. The more people who have a voice, the lower the chances that anyone can infringe on your loved one’s rights. This also ensures that your whole family knows what is going on and what to watch out for.
  • Whenever possible, avoid using cash. It’s the easiest to steal and the hardest to trace. Ideally, your loved one should never have cash on them, and you should have electronic records of every single transaction.
  • Plan ahead for everything. Learn about the care they need, what it costs, who gets paid and all of the little details. Leave nothing up to chance and make sure that money can never go overlooked.

If your loved one is being financially abused, make sure that you also know what legal steps to take.