5 Common Types of Elderly Financial Abuse

Nail TechnicianElderly nursing home residents with various mental, physical, and social weaknesses are likely targets of financial abuse. Manipulative people may presume they are weak and have limited knowledge about their finances, so they think they can take advantage of them.

A study of elder mistreatment in the United States found that financial abuse is a commonly reported type of mistreatment, second only to verbal abuse.

Types of Financial Abuse

Unfortunately, there are many different ways the elderly can be financially exploited. The most common types of financial abuse are:

  1. Changes to a will.

  2. Forgery of a Signature.

  3. Use of funds without knowledge or permission.

  4. Use of force or deception to get a resident to change or sign a document.

Family members are often culprits of financially abusing their elders, since the elders feel they can trust them, but friends, doctors, and other caregivers have also been known to commit these crimes.

Indicators of Financial Abuse

Spotting any of these signs will help you uncover whether your loved one’s finances are being taken advantage of or controlled by someone who is not authorized to do so. Your loved one may:

  1. Say a new friend is helping them manage their money.

  2. Be missing significant funds or assets.

  3. Have sudden changes to investments.

  4. Not be able to afford basic services or utilities.

  5. Have unpaid bills.

Impact on Victims

Victims of financial exploitation may find it difficult to trust others, especially if the offender was a trusted caretaker, friend, or family member. Victims may feel ashamed for trusting other individuals with their finances. These effects may continue to exist for years after the incident.

If you suspect elderly financial abuse, you may use this tool, sponsored by the U.S. Department of Justice, to find the right reporting agency. All you have to do is answer a few questions about the situation in question.

Over 30 years of experience has taught the nursing home abuse attorneys at Pintas and Mullins Law Firm how to fight for justice in cases of bodily abuse and neglect in nursing homes, which can go hand-in-hand with financial abuse. When you have our firm on your side, you can be confident that you have a dedicated team ready to fight for you from start to finish. Contact us today to set up a free consultation. You pay us nothing unless we secure a settlement on your behalf.

Contact our office today to discuss the details of your potential case with one of our attorneys.

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