As people age, they often become more susceptible to different types of abuse, commonly referred to as elder abuse. One type of elder abuse not as commonly talked about is financial elder abuse. 

Financial elder abuse occurs when someone uses an older individual’s money or assets illegally or improperly for their own purposes. Concerning, one in 10 Americans ages 60 and older have been the victim of elder abuse. Unfortunately, financial elder abuse can be perpetrated by not only caregivers but also friends or even relatives of the individual. The best way to combat any type of abuse is to know which signs to look for. Here are signs that may indicate the occurrence of financial elder abuse. 

Signs of Financial Elder Abuse

Signs that your loved one may be the victim of financial abuse include the following:

• There are changes to the elder’s bank accounts or credit cards, such as new names on them;
• There is a change in spending habits of the elder individual;
• The elder person is frequently concerned about money;
• Bills have gone unpaid despite the resources to do so; and
• The elder’s bank account shows an inexplicable transfer of funds to the account of someone unrelated.

These are only some flags that may indicate elder abuse is taking place. It is important to stay vigilant so you can recognize other signs that your elderly loved one is suffering from financial abuse.

Financial Abuse is Likely Underreported

As with most types of elder abuse, many elders who become victims do not discuss the situation with their loved ones for a variety of reasons. They may feel extremely embarrassed that someone took advantage of them, they may fear the loss of their independence, or they will be deemed unable to take care of their basic needs and forced into a care facility. This is why knowing the signs to look for can be so helpful. 

If you suspect that someone is the victim of elder abuse by their nursing home, long-term care facility, or a health care provider, it’s imperative that you speak up in order to protect them and anyone else in the future from nursing home abuse or neglect of any kind. 

MPJ Law Firm Can Help Those in NM Who Have Been the Victim of Nursing Home Abuse

If you or a loved one has been the victim of nursing home abuse or neglect, it is inexcusable and should never be tolerated. That’s why it’s important to consult with a knowledgeable and experienced nursing home abuse and neglect attorney who can help to fight for your rights and help you to acquire the compensation that you deserve.

At MPJ Law Firm, we have a deep understanding of nursing home abuse and understand the effects of this type of atrocious conduct. We will always act in your best interest. To learn more or to schedule a free consultation, contact us today!

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