Yesterday we talked about the different types of elder abuse that occur, and today we are going to dive a little deeper into this theme. Under the exploitation category, financial abuse is one of the most common types of abuse that can happen, mainly because many senior citizens do not have the same ability to manage their money that they once had. Elder financial abuse is often very hard to spot, especially when it is happening because of a loved one involved in the care process. This is a very touchy subject, but hopefully we can give you some better resources for dealing with this problem here.
You might think that a relative would never financially abuse or exploit an elderly loved one, but in fact, something called “inheritance impatience” is often the prime motivator for this to happen. When someone believes that they are going to be left a sum of money, and that they should have this money right now, a sense of undue entitlement occurs, and this can lead to theft or abuse. In fact, the World Health Organization estimates that 1 in 10 elderly folk are victims of this. Usually, they know nothing about it until it’s too late.
Not only can this impatience get you in trouble–using power of attorney to access money that you shouldn’t have can lead to serious jail time–it is absolutely wrong to look at a loved one (or anyone) in this way. When your mom or dad, grandma or grandpa, is alive, even if they have given you power of attorney and even if they are now incapable of making their own decisions, their money is their money and it should go toward their needs. One of these needs is their care, and if money is being used inappropriately, things like in-home care now become almost impossible to fund. This can lead from your loved one needing to transition from a high quality care service to being put in a state funded nursing home. In this light, why would you want to let a loved one suffer just so that someone else in the family can gain?
You can do things to stop something like this from happening to your family. First, only allow people that are very trustworthy to have this kind of responsibility. Family members should have the means to take care of themselves first, before having to take care of someone else, for example. If you have people outside of the family helping with finances, such as a caregiver, ensure that they have had background checks conducted. If they are part of a care service, make sure that the service has taken steps to safeguard your loved one’s safety, both physical and financial.
If you suspect anything, it’s important that you alert authorities as soon as possible in order to prevent further damages. It is not a pleasant thought to think that someone you love might be doing something like this, but it’s also unpleasant to think of what is happening to your parent or grandparent behind their back. By being a strong advocate for your elderly family members and helping protect them, you can take one more step to helping them, and helping your community escape elder abuse in all forms.
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