Individuals who spent a majority of their youth saving a part of their income may be able to retire rather comfortably. This of course gives them the opportunity to be able to enjoy the rest of their lives without worrying about how much money they have left. However, certain instances can threaten this safety net which can lead to the elderly suffering extreme financial loss. Here are some facts you need to know about elder financial abuse.
This type of financial abuse refers to when a fiduciary of the elderly acts in a way that can jeopardize their finances. Many older persons who are vulnerable to illnesses or injuries may require caretakers to handle their assets in their place. When said manager is too careless with their spending, this can lead to massive financial trouble that can affect the individual.
This kind of abuse can be dangerous if one does not recognize the first warning signs as soon as possible. Another factor that can also contribute to its stealthy nature is the fact that many seniors assign people they know to handle their resources. These include family members or friends they have a close bond with which is what makes this act incredibly insidious. In fact, many individuals do not even consider themselves as victims until much later.
The relationship between a handler and the victim can be quite complicated especially if the former is someone they know personally. In most scenarios, it is not uncommon for the owner to name certain relatives or close acquaintances as their handler. Depending on their relationship, many of the abused rarely consider themselves as the victim until it is too late.
One warning sigh you need to look into is to see whether your bills are paid on time. These include your utilities and rent which can add up if it continues to go unpaid. Eventually, this can even result to providers shutting off their services and landlords handing you an eviction notice which can be quite shocking.
One other signal to also look out for is warning messages from the bank and other financial institutions. Many financial sectors often double check the parties involve prior to making any final transactions. Seniors who are unaware assets mismanagement may find it alarming that they are receiving various messages from these institutions.
These are of course just some ways that a handler can financially abuse an elderly person. Since scenarios may vary, many senior citizens often do not consider themselves as abused especially if their fiduciaries are relatives and people they are exceptionally close with. When this happens, it makes it difficult for them to cut all ties severely which can affect their physical and emotional health.
Financial abuse towards the elderly is not always obvious. In fact, a large majority of the abusers are individuals that the seniors may know very well like family members and even old friends. Because of its seemingly close bond, many seniors often let these persons handle their assets despite the fact that they know deep down it is unlawful and unethical.
Fortunately, there are ways for vulnerable individuals to protect their hard earned cash. One way to do this is to hire an attorney who has experience in managing and dividing assets among family members equally. Additionally, one can also hire a neutral third party from any financial assistance institution to monitor any and all of your bank accounts and credit requests. Good luck and stay safe.
This type of financial abuse refers to when a fiduciary of the elderly acts in a way that can jeopardize their finances. Many older persons who are vulnerable to illnesses or injuries may require caretakers to handle their assets in their place. When said manager is too careless with their spending, this can lead to massive financial trouble that can affect the individual.
This kind of abuse can be dangerous if one does not recognize the first warning signs as soon as possible. Another factor that can also contribute to its stealthy nature is the fact that many seniors assign people they know to handle their resources. These include family members or friends they have a close bond with which is what makes this act incredibly insidious. In fact, many individuals do not even consider themselves as victims until much later.
The relationship between a handler and the victim can be quite complicated especially if the former is someone they know personally. In most scenarios, it is not uncommon for the owner to name certain relatives or close acquaintances as their handler. Depending on their relationship, many of the abused rarely consider themselves as the victim until it is too late.
One warning sigh you need to look into is to see whether your bills are paid on time. These include your utilities and rent which can add up if it continues to go unpaid. Eventually, this can even result to providers shutting off their services and landlords handing you an eviction notice which can be quite shocking.
One other signal to also look out for is warning messages from the bank and other financial institutions. Many financial sectors often double check the parties involve prior to making any final transactions. Seniors who are unaware assets mismanagement may find it alarming that they are receiving various messages from these institutions.
These are of course just some ways that a handler can financially abuse an elderly person. Since scenarios may vary, many senior citizens often do not consider themselves as abused especially if their fiduciaries are relatives and people they are exceptionally close with. When this happens, it makes it difficult for them to cut all ties severely which can affect their physical and emotional health.
Financial abuse towards the elderly is not always obvious. In fact, a large majority of the abusers are individuals that the seniors may know very well like family members and even old friends. Because of its seemingly close bond, many seniors often let these persons handle their assets despite the fact that they know deep down it is unlawful and unethical.
Fortunately, there are ways for vulnerable individuals to protect their hard earned cash. One way to do this is to hire an attorney who has experience in managing and dividing assets among family members equally. Additionally, one can also hire a neutral third party from any financial assistance institution to monitor any and all of your bank accounts and credit requests. Good luck and stay safe.
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Get a summary of the things to keep in mind when picking an elder financial abuse attorney and more information about a knowledgeable lawyer at http://www.linghamconsulting.com/index.php?option=com_content&view=article&id=19&Itemid=205 now.
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