Senior citizens are especially vulnerable to financial abuse. Many seniors have sizable retirement funds, and they also tend to rely on others in some capacity when it comes to managing their money. If you suspect that a relative or caregiver is exploiting your aging loved one, an elder law attorney can help you right the situation. In the meantime, here’s what you should know about elder financial abuse.

What Is Elder Financial Abuse?

Financial abuse is characterized as the fraudulent, illegal, immoral, or unauthorized use of the victim’s resources for monetary gain. As a result of this conduct, the victim is deprived of access to their benefits, belongings, or assets. It’s considered elder financial abuse when the victim is a senior citizen.

What Are the Signs of Elder Financial Abuse?

Unfortunately, elder abuse can go unnoticed for a long time, especially if the perpetrator is particularly crafty. However, there are various signs you can look for if you’re concerned about a loved one’s financial status. Indicators of financial abuse include assets transferred to new “friends” or “financial advisors,” unexplained withdrawals or checks payable to cash, missing valuables, past due demand letters, and dramatic changes in mood, demeanor, or behavior. 

How Can You Stop Elder Financial Abuse?

If you suspect an elderly loved one has been the victim of financial exploitation, consult with an elder law attorney right away. A seasoned lawyer can help you determine how to proceed based on the circumstances. Your legal team may also be able to help you take control of the victim’s finances until you can sort everything out. 

If you think an aging relative is being taken advantage, either financially or in another way, turn to the elder law team at MacVean, Lewis, Sherwin & McDermott, P.C. Located in Middletown, NY, they're one of the oldest firms in Hudson Valley. For more than 130 years, clients have turned to them for legal advice in a variety of practice areas, including personal injury law, commercial litigation, and employment law. To request a free consultation with an elder law attorney on their team, call (845) 343-3000 or reach out on their website.