The financial exploitation of older adults is also known as “financial abuse.” It is considered a type of elder abuse. I’ll also share a list of additional resources and references at the end.
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How to reduce the risk of being financially exploited.What to do, if you suspect financial exploitation of an older adult.How to know if an older person is at risk, or otherwise particularly vulnerable to exploitation.
Some common examples of financial abuse. Key terms to know, related to the financial exploitation of older adults. Specifically, in this article I’ll explain: So in this article, I’ll cover the key things you should know, so that you can better evaluate and address a worrisome situation, should one arise. People are often unsure of what exactly constitutes illegal activity, and what can be done if they are concerned about financial exploitation. Or there may be concerns about stirring up family dramas and conflicts, by voicing concerns about a sibling or another relative. The older person may be quite attached to – or otherwise feel dependent on – the person that others perceive as suspicious or problematic. In other cases, family members become concerned that someone in the family – such as one of the older person’s children – is beginning to take financial advantage of things.Įxploitation in the context of personal relationships is often especially tricky for families to address. Sometimes the person suspected of exploitation is relatively new to the older person’s life, such as a new romantic interest, friend, or paid caregiver. That would be exploitation perpetrated by a someone the older person knows and has a personal relationship with. To begin with, most people know that there are plenty of “scammers” out there, phoning or mailing older adults with deceptive information designed to hoodwink them out of some of their savings.īut there’s actually another form of exploitation that may be more common, and is often harder for families to address. It’s a pretty legitimate concern to have. Here’s an upsetting situation that comes up a lot, and may have come up for you: is someone financially taking advantage of Mom or Dad?
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