Though most cases of financial abuse of the elderly occur within the family, sometimes a nursing home caretaker will attempt to exploit a resident. Elderly people are easily taken advantage of financially because they often do not understand how to handle their finances, especially if they suffer from dementia or Alzheimer’s. Many older people who are very sick or dying simply do not prioritize their financial health over their physical health and might not notice suspicious withdrawals or forged checks. Understanding the nature of financial abuse, the warning signs and the consequences can better equip you to fight against it. This article will outline what you need to know about this type of elder abuse. Nursing home caretakers often forge close relationships with their residents, but sometimes this closeness is only an avenue to exploitation.
The elderly people who are most at risk of being taken advantage of are often:
- Lonely or isolated
- Grieving the recent loss of a loved one
- Not well-versed in the specifics of handling money
- Suffering from a mental or physical disability
There are countless ways the perpetrators can take advantage of their elderly targets, such as:
- Forging the victim’s signature on checks and depositing them in their own account
- Deceiving the elderly person into trusting them with their financial assets
- Convincing the victim to sign a will or deed listing the perpetrator as the one who will be responsible for handling the victim’s assets later on
- Outright stealing money or possessions.