Financial Elder Abuse

 Posted on May 27, 2024 in Elder Law

As people age, they become vulnerable to criminal attempts to take advantage of them. Unfortunately,  the more people depend on others, the more likely it is that someone will use that to exploit them, often for financial gain. Anyone who is seemingly helping a senior citizen, whether they are their child, spouse, sibling, neighbor, or caregiver, can find themself in a position where they can con the person into giving them money or control over their money in a way that goes against the senior citizen’s interests. If you are concerned that your aging parent is a victim of elder financial abuse, speak with a Texas elder law attorney to see what you can do to stop it.

What is Considered Financial Abuse?

Often, people of advanced age seek help with their financial management. People with dementia, Alzheimer’s, or other forms of cognitive impairment may not even realize they need this assistance, but a caring family member often handles it all on their behalf. Even though they require help, the money is still theirs to benefit from, and someone helping them manage it does not have the right to use it however they see fit. Unfortunately, victims of elder financial abuse are often unaware of what is happening and are unable to speak up for themselves or take steps to stop it.

Examples of elder financial abuse include:

• Lying about what their money is being used for
• Exaggerating reported costs to keep extra money as a bonus without their knowledge
• Borrowing money and not repaying it
• Simply taking money without permission

What Can You Do About It?

If you are concerned that your parent is a victim of elder financial abuse, you should document what you have observed, report it to authorities who can step in and help, and contact a trustworthy elder law attorney who has experience protecting the rights of victims in similar cases. Where you report it depends on your parent’s living situation.

• If your parent lives alone in their own home or with you, meaning they are not in a nursing home or care facility, you can report it to Adult Protective Services.
• If your parent lives in Medicaid-funded long-term care, the Attorney General’s Medicaid Fraud Control Unit is the entity responsible for handling claims of financial abuse.
• If your parent lives in a nursing home or assisted living facility, it can be reported to the Texas Department of State Health Services.

Contact a Denton County, TX Elder Financial Abuse Lawyer

People taking advantage of the elderly and stealing the money they worked for their entire lives need to be held accountable. Speak with an experienced Flower Mound, TX elder law attorney to make that happen. At Colbert Law Group PLLC, we are familiar with the signs to look out for and passionate about protecting the elderly from being taken advantage of by greedy criminals who violate their trust. Call us at 972-724-3338 so we can get started.