5 Ways to Prevent Elder Financial Abuse

Aging comes with its own set of inherent risks. Unfortunately, the increased financial exploitation of the elderly population only adds to the list. Elders have become the center of financial abuse by organizations, friends, and even family members intent on stealing the financial assets they have spent years working so hard to acquire. 

By remaining watchful and cautious, you can help prevent this common occurrence. Here are five ways to take precautions against financial elder exploitation:

1. Be Vigilant Of Caregivers

Whether it’s hired help, family or friends who have taken up the mantle of caregiver, elders must be mindful of their undo control. Unfortunately, people you place in high trust are the most capable of exploiting you. Many caregivers have abused their position and use the opportunity to exploit those in their care financially. Elders must be vigilant and always try to maintain contact with an external person apart from the caregiver they can trust. 

2. Choose A Power Of Attorney Wisely

A power of attorney is when you sign your legal power to someone you trust to execute your affairs in case you become incapacitated. Choose the person wisely and free of doubt. This is a significant role that can easily be exploited. If you don’t trust your family, seek a lawyer. Trust your instincts and be wary of anyone who is overly insistent on a particular person taking on this role.

3. Keep Track of Assets

Ignoring your assets can make it easier for bad actors to steal over time. Keep tack of what you own using apps to track your bank accounts and investments. Ask for help at the local library or seniors center to get started. Also, keep track of physical assets such as jewelry and other valuables in and around your home. 

4. Hire An External Professional

Sometimes your safest option in protecting your assets is someone far removed with no personal ties. In this case it’s best to hire a professional to oversee your accounts and assets. You can also make the person or company a trusted contact with view-only access to your bank accounts and other vital accounts. With no conflicts-of-interest, a professional power of attorney will operate based on what’s best for you.

5. Report Suspicious Activity

Most cases of elder financial abuse aren’t reported until eight or nine months after the loss has long occurred and the perpetrator has absconded. Don’t let them get away! Make a formal report to the authorities at the first sign of suspicious activity. Don’t waste time waiting. It’s better to be safe than sorry. 

Are you a primary caregiver? Learn how you can take care of a family member at home.