Tag Archives: financial abuse of seniors

Financial Abuse

Be sure not to experience financial abuseWhether bank account or retirement account, large or small, seniors can be the most susceptible to the risk of financial abuse.  In Southern California there are so many people to trust and just some that you should beware of.  Seniors will receive calls what seems like daily for offers and seeking information about their personal finances.  Seniors need to be reminded that if he or she hasn’t contacted a company and someone is calling them to be very careful or avoid sharing information over the telephone.  Many adult children of senior aged parents will become the legal power of attorney and handle all financial matters for a senior.  There are many legal and financial advisors who are well versed in what financial protection is necessary for a senior to be able to comfortably live many of their golden years.  Many seniors will meet people as they get older or while finding themselves alone and seek companionship with people who may have not have the best of intentions.  As a family member of a senior who may be vulnerable to financial abuse, be very interested in your senior aged loved one’s friends and new love interests.  Just be the extra eyes and ears into their financial business to ensure that what they’ve worked for and what they live on is not in jeopardy.  Reporting financial abuse is important.  Should you find that someone you know or love has been ‘taken’ by another person, you should bring this to the attention of the authorities and warn other seniors, as well.  Read about the companies and senior services before hiring someone to come into your senior’s home and have access to their personal information.  Safeguard important documents and make sure your senior aged loved one is letting someone from the company know if they suspect foul play in their home.  A home care worker in many cases will not need access to financial information and if the home care worker is snooping around in the senior’s home in areas which may not need to be accessed there is reason to suspect that the worker should be reported.  Telling your senior aged loved one what to look for and how to protect themselves is important to prevent financial abuse.  Fraud and abuse amongst seniors is something which is on the news nearly every day, but most family members of senior’s would never suspect a company or another family member.  By the time that the abuse is identified it is often very detrimental to the senior.  Preventing financial abuse is the best option.  Know what to watch out for and pay close attention to ensure that no one is taking advantage of the senior aged loved person you care about.  A financial advisor may be the best way to protect your senior from financial abuse.  There are many options to assist with your senior’s finances in Southern California.

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