Financial Abuse Often Overlooked in Nursing Homes
Did you know that 70 percent of the country’s wealth is controlled by those 50 years old or older? Unfortunately, that makes them attractive targets for financial abuse.
Financial abuse is often overlooked in nursing homes. There are different types of financial abuse done to the elderly and some include:
- Taking property or money
- Getting a power of attorney or deed signed by the older person by using coercion, deception or undue influence
- Promising to provide lifelong care in exchange for property or money and not following through
- Using confidence crimes or scams to gain the confidence of the victim
Who are the Perpetrators of Financial Abuse?
The perpetrators of financial abuse may be the victim’s spouse, children, or grandchildren. They may:
- Feel as though they are entitled to the money or property
- Have problems with gambling, drugs or their finances
- Feel as though the older person will use up all of his or her savings, which will leave them nothing
Nursing home abuse and neglect occurs all too frequently at the hands of those who are entrusted with the care of older individuals. However, financial abuse may be carried out by the victim’s family and friends, which can make the betrayal of trust even more difficult to believe.
If you believe that someone is abusing your loved one’s financial situation or status, it’s important to look for indicators, such as unpaid bills, unexplained bank account withdrawals, new best friends, or suspicious signatures on checks or other documents. An attorney can provide guidance on what to do next; we invite you to contact our New York law office with your concerns.
Data Source: National Committee for the Prevention of Elder Abuse, “Financial Abuse,” accessed Dec. 04, 2015
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