Elder Financial Abuse: How to Protect Yourself And Your Family

Elder financial abuse involves the exploitation of an older adult's finances and assets for personal gain. Victims may be deprived of their money and prevented from getting a job while the abuse takes place. Their credit and estate could be seized by a caretaker in an effort at complete control over the victim.

Taking Protective Measures

Although financial abuse and exploitation are much harder to detect, you can still think ahead. The key lies in good foresight. When planning for retirement, you can work with an attorney or your bank to create a plan that protects your financial resources years in advance.

Stay In The Loop

An excellent indicator of potential financial abuse lies in your credit report. It's highly advisable that you check it once per year and order hard copies. Beware of any spending behaviors that are out of the norm for you and report them immediately to the proper authorities. Provide a copy of the credit report as evidence to back your claim.

Get a Lockbox For Your Checkbook, Bank Statements, and Other Sensitive Documents

Your bank or financial institution should be an excellent resource for this. You can have all of these plus your valuables stored in a lockbox at your bank for a small annual fee. That way, everything will be safely tucked away and free from harm.

Say No

There's one simple word you can use, and it's the word no. Anytime you feel manipulated, intimidated or threatened into signing a financial document that's suspicious, you have a right to protect yourself. You can even report your suspicions to your financial institution, adult protective services or your local police department. After all, it's your money.