Financial abuse is a growing problem among the elderly. It involves theft, fraud or misuse of another person's assets, including things like cash, bank accounts and credit cards. Nursing home residents are particularly susceptible to this form of abuse because they often have diminished physical and mental capacity. If you have a loved one staying in a nursing home, you should learn about the different types of financial abuse, signs it is happening and what you can do to help prevent it. If your loved one suffers this form of abuse, contact our nursing home abuse attorneys in Cincinnati for a free, no obligation legal consultation.
Forms Of Elder Abuse
Your loved one could be a victim of many different types of financial abuse, including:- Stealing cash
- Coercing a resident into transferring property or assets to someone else
- Forging a resident's signature to sell or obtain property
- Using a resident's money or other assets without permission
- Using deception or coercion to make a resident sign over power of attorney to someone
- Denying a resident access to possessions or financial assets, like bank accounts
- Setting up credit card accounts in a resident's name without permission
- Taking a debit card for personal use
- Stealing a resident's money to pay bills for someone else
- Charging residents for services that were never performed
- Giving a resident a generic version of a medication but charging for the more expensive brand name
- Not paying for necessary medical care
Who Commits Elder Financial Abuse?
Sadly, financial abuse is often committed by members of the victim's own family, including children, grandchildren or spouses. There are many reasons why a family member is more likely to financially abuse a nursing home resident:- They have financial problems and are using the resident's assets to deal with those problems
- They are using the resident's assets to fund a gambling or substance abuse problem
- They are going to inherit money from the resident and feel they are taking what is rightfully theirs
- They have a bad relationship with the victim
- They are trying to prevent other family members who they do not trust from acquiring the victim's assets
Signs Your Loved One Has Been Victimized
There are numerous signs that your loved one may have suffered some form of financial abuse. If you notice any of them, be sure to report the abuse immediately to the proper authorities:- Bills are not being paid
- There are withdrawals or transfers from bank accounts that your loved one cannot explain
- Your loved one claims to have a new best friend
- The care your loved one is receiving is much more expensive than he or she can afford
- Your loved one has lost assets or other property
- Your loved one is unaware of changes in financial arrangements, including wills and power of attorney
- One person has cashed numerous checks from your loved one's bank account
- Your loved one was charged for a medical service or device that he or she never received
- ATM withdrawals even though your loved one is bedridden
- Your loved one is depressed
- Checks have notes on them labeling them loans or gifts
- Closing bank accounts
