If you have aging parents, you know that keeping track of their financial well being can be difficult. Seniors are especially susceptible to elder abuse, but families can help protect them against financial abuse by knowing what it looks like, being aware of the warning signs and taking legal steps with the help of elder lawyers in Illinois. Take a few minutes to learn how you can employ elder lawyers in Illinois to protect your aging parents or other relatives.
What Is Financial Elder Abuse?
Basically, financial elder abuse occurs when a senior is taken advantage of financially just because of their age. Seniors can be easy targets for scammers and swindlers. These people can use a number a ways to scam seniors out of money, including:
- Contacting them over the phone and asking for money for a made up charity.
- Stealing a credit or debit card.
- Using a power of attorney to write checks or make unauthorized ATM withdrawals.
- Convincing a senior to sign over a financial power of attorney.
What Warning Signs Should You Look For?
Financial elder abuse can be difficult to spot, but there are a few key warning signs that you can look for to protect your loved ones. If you notice things like bills that are going unpaid, credit card or bank statements with a number of unusual transactions, or that your loved one is suddenly spending a great deal of time with a new friend and giving away large gifts or belongings, you should be on the lookout for financial abuse.
Although most people worry about elder financial abuse from strangers, it’s actually family members who are the biggest perpetrators. This could be because family members could feel like they deserve the money and elderly parents may not want to prosecute their children who are taking advantage of them.
How Families And Elder Lawyers In Illinois Can Help Protect Seniors
One of the best ways families can protect their elderly relatives is to have more than one person be responsible for financial accounts. Checking accounts could have more than one adult child on the account, as well as the senior. While it might not be possible to have bank account or credit card statements mailed to two addresses, it is possible for each person to have online access. Having two sets of eyes on each account can help ensure that money is being spent wisely and that there aren’t any red flags.
Additionally, elder lawyers in Illinois can help by drawing up joint powers of attorney. This ensures that two people can make any necessary financial decisions, protecting seniors, their money and their families. If you find that your parent or other relative has been a victim of financial elder abuse, elder lawyers in Illinois can also help you fight back and recoup your parents’ money.
If you’re looking to protect your elderly parents from financial elder abuse, turn to elder lawyers in Illinois. Elder lawyers in Illinois, such as Peck Ritchey, LLC can help draw up paperwork that won’t leave your parents vulnerable to scammers and swindlers. If you’re looking for elder lawyers in Illinois to help protect your family, please contact them today.
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