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Protect your loved one from the pitfalls of elder financial fraud

On Behalf of | Oct 24, 2017 | blog

Texas readers with elderly family members may have significant concerns about the well-being and safety of their loved ones. In addition to the many physical issues that elderly individuals may face, it is also quite likely that they will be subject to attempted fraud at some point. A startling number of older Americans are victims of various types of elder fraud every year.

If you believe that your loved one is a victim of this type of reprehensible activity, you do not have to suffer in silence. With legal guidance, appropriate estate planning tools and financial protections in place, you can fight back against fraud and protect your family members from continued issues in the future.

Threats to the future of your loved one

In addition to sickness and unexpected financial expenses, fraud is now one of the most significant threats to an elderly person’s financial future. Thieves use various tactics to deceive, coerce and steal money from elderly individuals, especially those who are in cognitive decline. There are various types of activities that could fall into the category of elder fraud. You may find that your loved one is a victim of one of the following:

  • Distributions of retirement accounts
  • Family member, caretaker or other person taking advantage
  • Person with power of attorney taking advantage
  • Abuse of a person’s diminished mental abilities

There are various signs that your loved one could be a victim. Some of these include less money in accounts that are necessary for the future, excessive withdrawals for no apparent reason and mentions of suspicious investment opportunities.

As the relative of a person who may be a victim of elder fraud, you would be wise not only to know the signs of this, but to know what you should do next. With help, you can take the appropriate course of action to hold liable parties accountable and protect your family member.

The rights of the elderly

Learning that your loved one is the victim of financial abuse or elder fraud can be devastating for your family. It can be a long road, but you can take the steps necessary to find out what happened, who is responsible and what you can do about it.

From proper estate planning to shielding your loved one from mistreatment, you do not have to undertake these endeavors alone. One of your first steps after learning that something is wrong is to seek a complete evaluation of your case and an explanation of your rights on behalf of your loved one.