Individuals who spent a majority of their youth saving a part of their income may be able to retire rather comfortably. This of course gives them the opportunity to be able to enjoy the rest of their lives without worrying about how much money they have left. However, certain instances can threaten this safety net which can lead to the elderly suffering extreme financial loss. Here are some facts you need to know about elder financial abuse.
Financial abuse for elders refers to the mishandling or misappropriation of financial resources and assets owned by the senior. This usually happens within a context of a relationship where the handler or the fiduciary is in charge of said assets. What makes this arrangement so dangerous is that these citizens may be unaware that there is financial abuse going on until all their assets disappear.
This kind of abuse can be dangerous if one does not recognize the first warning signs as soon as possible. Another factor that can also contribute to its stealthy nature is the fact that many seniors assign people they know to handle their resources. These include family members or friends they have a close bond with which is what makes this act incredibly insidious. In fact, many individuals do not even consider themselves as victims until much later.
Fortunately, persons can protect themselves from this abuse by taking some precautionary steps. These involve checking out the red flags before it gets worse and taking the necessary legal actions immediately. Be warned that these caregivers may make an effort to hide their traces so it is best to do your investigation vigilantly.
To protect oneself from being taken advantage of, it helps to look closely at the many signs these bullies often exhibit. Once you are aware of these warnings, you can then proceed to exercise your right by phoning in your bank and an experienced attorney. The latter party can even help you regain some of your lost assets especially if the presented evidence is strong enough.
One other signal to also look out for is warning messages from the bank and other financial institutions. Many financial sectors often double check the parties involve prior to making any final transactions. Seniors who are unaware assets mismanagement may find it alarming that they are receiving various messages from these institutions.
These are of course just some ways that a handler can financially abuse an elderly person. Since scenarios may vary, many senior citizens often do not consider themselves as abused especially if their fiduciaries are relatives and people they are exceptionally close with. When this happens, it makes it difficult for them to cut all ties severely which can affect their physical and emotional health.
Additionally, there are certain persons who are more susceptible to this kind of abuse. Some examples include seniors suffering from serious illnesses and injuries that make it difficult for them to make decisions, persons who are not fluent in English, and isolated persons who would rather stay with their dysfunctional families than break it off. Each of these instances can be quite difficult to pinpoint especially if one needs proof.
Fortunately, there are ways for vulnerable individuals to protect their hard earned cash. One way to do this is to hire an attorney who has experience in managing and dividing assets among family members equally. Additionally, one can also hire a neutral third party from any financial assistance institution to monitor any and all of your bank accounts and credit requests. Good luck and stay safe.
Financial abuse for elders refers to the mishandling or misappropriation of financial resources and assets owned by the senior. This usually happens within a context of a relationship where the handler or the fiduciary is in charge of said assets. What makes this arrangement so dangerous is that these citizens may be unaware that there is financial abuse going on until all their assets disappear.
This kind of abuse can be dangerous if one does not recognize the first warning signs as soon as possible. Another factor that can also contribute to its stealthy nature is the fact that many seniors assign people they know to handle their resources. These include family members or friends they have a close bond with which is what makes this act incredibly insidious. In fact, many individuals do not even consider themselves as victims until much later.
Fortunately, persons can protect themselves from this abuse by taking some precautionary steps. These involve checking out the red flags before it gets worse and taking the necessary legal actions immediately. Be warned that these caregivers may make an effort to hide their traces so it is best to do your investigation vigilantly.
To protect oneself from being taken advantage of, it helps to look closely at the many signs these bullies often exhibit. Once you are aware of these warnings, you can then proceed to exercise your right by phoning in your bank and an experienced attorney. The latter party can even help you regain some of your lost assets especially if the presented evidence is strong enough.
One other signal to also look out for is warning messages from the bank and other financial institutions. Many financial sectors often double check the parties involve prior to making any final transactions. Seniors who are unaware assets mismanagement may find it alarming that they are receiving various messages from these institutions.
These are of course just some ways that a handler can financially abuse an elderly person. Since scenarios may vary, many senior citizens often do not consider themselves as abused especially if their fiduciaries are relatives and people they are exceptionally close with. When this happens, it makes it difficult for them to cut all ties severely which can affect their physical and emotional health.
Additionally, there are certain persons who are more susceptible to this kind of abuse. Some examples include seniors suffering from serious illnesses and injuries that make it difficult for them to make decisions, persons who are not fluent in English, and isolated persons who would rather stay with their dysfunctional families than break it off. Each of these instances can be quite difficult to pinpoint especially if one needs proof.
Fortunately, there are ways for vulnerable individuals to protect their hard earned cash. One way to do this is to hire an attorney who has experience in managing and dividing assets among family members equally. Additionally, one can also hire a neutral third party from any financial assistance institution to monitor any and all of your bank accounts and credit requests. Good luck and stay safe.
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Get a summary of the things to keep in mind when picking an elder financial abuse attorney and more information about a knowledgeable lawyer at http://www.linghamconsulting.com/index.php?option=com_content&view=article&id=19&Itemid=205 now.
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