PHOENIX, AZ, June 09, 2011 (Press-News.org) If your elderly loved one requires assistance from others to manage his or her finances, it is important that you pay careful attention to the transactions being made on your loved one's behalf. While many caregivers will truly have your loved one's best interests at heart, there are some individuals who attempt to take advantage of such a relationship for their own financial benefit. If your loved one is defrauded out of money or property due to the decisions made by a caregiver, elder financial abuse has occurred.
It is important to consult with an experienced nursing home abuse attorney as soon as you suspect your loved one has been the victim of elder financial abuse to prevent any additional damage from taking place.
Types of Elder Financial Abuse
Elder financial abuse is frequently hard to detect. Generally, the person defrauding your loved one is in a position of trust. As a result, it can sometimes take years before the fraudulent transgressions are noticed. In order to prevent the financial and emotional hardships that accompany elder financial abuse, it is important to monitor all transactions carried out by a caregiver.
Some common examples of elder financial abuse include:
- Companies or salespeople who sell your loved one items they do not need or that do not work properly
- Financial institutions and account managers that apply unnecessary fees to your loved one's transactions
- Healthcare providers that overcharge your loved one and hide the additional charges in itemized invoices so that they are not easily noticed
- Portfolio managers or financial advisors who enter into monetary transactions on behalf of your loved one which go against your loved one's best interest
Financial Abuse in Nursing Homes
If your loved one lives in a nursing home, he or she is particularly vulnerable to financial abuse. Unfortunately, many caregivers and nursing home administrators will take control of a resident's personal property or assets without consent. This can occur for several reasons:
- The resident is not mentally capable of providing consent or managing the transactions made by caregivers
- The resident enters into ill-advised transactions after being threatened, manipulated, or deceived by caregivers or nursing home administrators
If you notice drastic fluctuations in your loved one's assets or sudden, unexpected transactions, it may be a sign of financial abuse. In order to make sure your loved one's rights are protected, you should consult an experienced nursing home abuse attorney at once.
Common examples of financial abuse in nursing homes include:
- Cashing a resident's checks without authorization
- Forging a resident's signature on financial documents
- Stealing money from a resident
- Coercing a resident into signing a contract, will, power of attorney, or other financial document
To learn more about elder financial abuse, please visit the website of the Phoenix nursing home abuse attorneys at Cullan & Cullan M.D., J.D., serving clients in Phoenix, Scottsdale, and all of Arizona.
Website: http://www.stopnursinghomeabuse.org
Elder Financial Abuse
If your elderly loved one requires assistance from others to manage his or her finances, it is important that you pay careful attention to the transactions being made on your loved one's behalf.
2011-06-09
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[Press-News.org] Elder Financial AbuseIf your elderly loved one requires assistance from others to manage his or her finances, it is important that you pay careful attention to the transactions being made on your loved one's behalf.