What Everyone Ought To Know regarding Elder Financial Abuse
On 2006, one of the most infamous cases the American Association of Retired Persons (AARP) dealt with was the financial exploitation of one of New York City’s infamous socialite and philanthropist Brooke Astor. According to reports, her son and a lawyer were tried on charges of abusing her mental incapacity to raid her $200 million fortune.
The AARP referred to it as one of the most insidious elder financial abuse crimes. This did not stop there. Last year, Hollywood actor Mickey Rooney sued his stepson as well as others for deceiving him into thinking he was on the brink of poverty. These people pressured him to continue working while they swindled millions using his name.
These crimes don’t just happen to wealthy people. They could happen to everybody. Make sure you recognize this in order for you to stop it.
What is Elder Financial abuse?
This exploitation involves the improper and illegal use of a senior citizen’s funds, property, and resources. It might not be easy to spot these crimes since it often happens within the family. It could continue and go unnoticed until other parties observe and become involved.
Abusers act as if they are merely helping an elderly person manage finances, but the truth is they’ve got a hidden agenda. They persuade the elderly to sign legal documents such as deeds of properties or change the mailing address of monthly checks. Sometimes, they could even commit these crimes forcefully. More often than not, abusers turn out to be caregivers, fraudsters and, sadly, family members.
Below are a few examples of the exploitations these criminals commit:
– They steal pension checks, cash and prized possessions.
– Theft of identity – Most target victims are suffering from mental decline. Fraudsters take advantage of the elderly’s condition and make use of his or her identity for personal and business transactions.
– Healthcare companies can even be guilty of this crime. They may charge excessively for unneeded services. It is a great thing there are very good bank fraud lawyers who take legal action to battle against this problem.
– They forge the signature of an elderly to get checks, credit cards along with other financial accounts.
How do you fight this crime?
A way of fighting this crime is through employing a licensed bank fraud lawyer to analyze how an elderly’s money is spent. People should look for firms that concentrate on these cases because these have lawyers who are capable of investigating and litigating fraud actions involving insurance and banking claims.
Below are a few ways you can prevent this crime:
– Maintain good communication with the elderly relatives. Contact them every now and then.
– Make an inventory of all valuables — jewelry, expensive gadgets, and properties. Make sure expensive possessions are held in a secure place.
– Do a thorough research on the background of your caregiver if you’re going to get one. Seek out licensed caregivers from a bonded agency. You may also hire an investigator to check up on the credentials of your caregiver. This ensures that your relative is in good hands.
Report to the authorities or refer a good bank fraud lawyer if you know a senior citizen who could be a victim of this kind of crime. You can also search on the internet to find anonymous hotlines you can call if you don’t want to appear like someone who meddles in personal affairs.
Caitlin Mistry is a legal consultant who knows a bank fraud lawyer who handles elder financial abuse cases.
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