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Financial Abuse From Those They Trust

The elderly are often targeted for financial abuse. There are two main reasons for this. The first is that they are a vulnerable class due to their physical and mental limitations, which are a natural part of growing older. The second reason is that they often have more assets than younger people, having had more time to acquire them.

Often, those who abuse them try to put themselves in a position of trust. In one case reported on by
The New York Times, a woman gave away $271,000. That was a large portion of everything she’d saved. The woman she gave it to was someone she had grown to trust and who had told her she’d pay the money back.

This could certainly happen in a nursing home setting. The elderly are supposed to be able to trust their caregivers. They see them every day. They develop relationships with them. These caregivers are in a perfect position to get close to them and use that closeness to swindle them out of their money.

Plus, a caregiver is also in a position of power. The elderly may not want to anger them or make any accusations of financial fraud, even if they think that is what has happened. They depend on these caregivers to keep them safe and healthy, and they want to keep a good relationship with them. The caregivers may use that power to their advantage.

If you think that this has happened to your loved one, be sure you know what legal options you have. You may be able to take action to make things right.