Elder Financial Abuse: What to do if it's in the Family?

June 12, 2024

Elder Financial Abuse: What to do if it's in the Family?

People preying on the elderly to get at their life savings, unfortunately, has become a common occurrence in today’s society. We have all heard stories about an elderly person being targeted and falling victim to an unscrupulous con artist. It is a sobering reality that everyone and their families need to prepare for as they age. When it is a family member who is suspected as the one taking advantage of their parent it puts this problem in a whole different light. What should you do if you suspect a family member of financial elder abuse?

To learn more on this topic, see the following 2023 article from AARP: What to Do If You Suspect Elder Fraud in Your Family (aarp.org). This article further explores:

Assessing the financial threat
Identifying the warning signs
Minimizing the risk
Keeping multiple people in the loop
Asking questions
Reporting suspected cases

IT IS IMPORTANT TO REMEMBER TO NOT IMMEDIATELY THROW ACCUSATIONS TOWARDS FAMILY MEMBERS IF THE SUSPICIONS OF FRAUD TURN OUT TO BE FALSE. THIS CAN LEAD TO BURNING BRIDGES THAT CAN NOT BE EASILY MENDED. THE INFORMATION CONTAINED IN THIS ARTICLE IS NOT TO BE CONSTRUED AS LEGAL ADVICE OR LEGAL REPRESENTATION AND SHOULD NOT BE RELIED UPON AS SUCH.

Categories: Dementia & Alzheimer's, Elder Law, Estate Planning, Financing, Fraud & Abuse, Senior Exploitation & Abuse

Jonathan J. David Shareholder

Grand Rapids

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