Elder financial abuse is rampant in America. More than 369,000 incidents of financial abuse happen every year. Around $4.8 billion is lost because of this. However, it can be prevented if people read these top tips on financial abuse so that they can protect their family members.
Get a Power of Attorney
The family member will still be capable of making financial decisions, but they should have the right person in place if they become incapacitated. Also, two people can be appointed to help with this if they think it is correct.
When someone speaks to a legal authority, like a lawyer, to decide who can be power of attorney, they will ensure that everything has been put in place correctly. To prevent elder financial abuse, there needs to be a team of people who are ready to work together.
A Contact for Bank Accounts and Other Investments
Financial abuse can happen under someone’s nose, so people should always have someone else as a trusted contact on their bank account. Identity theft occurs amongst the elder community, which puts them in a vulnerable position.
If someone waits for their financial statements to see any sudden changes to their account, they might be too late. However, when someone at the bank notices that the spending patterns appear strange, they can call the trusted person on the account to see if everything is okay. Also, the bank can ask the person about unpaid bills so older adults do not fall behind on their payment plans.
Lastly, the selected person should only be able to view the account and not control what is in it. This can be done by financial advisors at the bank so that elder financial exploitation does not happen.
Track All Accounts to Stop Elder Financial Abuse
Prevent elder financial exploitation by tracking all accounts, investments, and credit cards. There are many warning signs that show when someone is being taken advantage of, but they can be hard to miss because people may not want to fill in the many forms that it will take to get there.
However, many apps that do this will not have those forms, so getting these accounts in place is easy.
Call Ehline Law Firm Today to Stop Financial Elder Abuse
Financial matters can be challenging to figure out, but when someone speaks to a member of the Ehline Law Firm, they will know they are in good hands. The team understands financial power and the law, which is why they will help clients get the results they want for their cases.
Anyone with questions should call the team at (833) LETS-SUE for a free consultation.