Elder Financial Abuse
What is "Financial Abuse"?
Financial abuse is using the elder’s money or assets contrary to the elder’s wishes, needs, or best interests - or for the abuser’s personal gain.
Examples of Financial Abuse:
- Taking money or other items from the home, bank or security accounts.
- Selling or transferring the elder’s property.
- Failing to provide agreed upon services to the elder, such as caregiving, home or vehicle repair, or financial management.
- Using the elder’s credit card for unauthorized purchases.
- Using the elder’s name or credit to open new accounts.
- Misusing the elder’s power of attorney.
- Refusing to return money or assets borrowed from the elder, as agreed upon or requested.
- Creating or changing living trusts for the benefit of the abuse.
- Changing the elder’s will, trusts, or other inheritance so the abuser benefits.
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