Tips for Protecting Senior Loved Ones from Financial Abuse

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While elder abuse is an often-discussed issue among the elderly and their loved ones, financial abuse is just as important yet not so verbally prevalent. It’s important to keep the aging population safe—physically, emotionally and financially—and here are a few tips for how adult children can protect their aging parents against financial abuse. 

Set Up Trust Accounts

A trust account is one of the best ways to protect the elderly from financial abuse. Have your parent sit down with a financial adviser at the local bank and discuss a trust account. Once set up, your loved one can transfer funds to that account from his or her basic checking and savings accounts. Trust accounts offer seniors added protection, as they provide the owner of the account with the power to decide how the money is invested and what happens to the funds once the owner passes away. In many cases, the owner can also decide who can access and have control of the trust while the owner is still alive to ensure his or her hard-earned dollars aren’t distributed to the wrong party. 

If your loved one needs in-home care, make sure you hire a caregiver from a reputable company. Families shouldn’t have to worry about finding reliable home care. Richardson Home Care Assistance is a leading provider of elderly home care. We offer a proprietary program called the Balanced Care Method, which uses holistic methods to promote senior health, our caregivers and Care Managers are available 24/7, and all of our in-home care services are backed with a 100% satisfaction guarantee.

Participate in the Process

The best way to ensure your parent’s financial security is to stay involved and informed. The only way you can do this is get your parent to speak up about his or her finances. How much money does your loved one have in the bank? How much of it is invested and what type of investments does he or she own? Get copies of your parent’s investment portfolios and bank accounts once a month to ensure he or she is making the best decisions. Checking your loved one’s accounts is also a good way to see if any suspicious activity has taken place. 

Seniors with serious health issues are often the targets of financial abuse. If your elderly loved one is living with a serious medical condition and needs help managing the tasks of daily living, reach out to Home Care Assistance, a homecare agency you can trust. Our caregivers are available 24/7, there are no hidden fees in our contracts, and we offer a 100% satisfaction guarantee on all of our in-home care services.

Report Abuse

Whether a family member has attempted to blackmail your parent into giving him or her money or someone has gained access to your loved one’s accounts, you must notify the proper authorities as soon as possible. Your local police department will be able to handle any such cases, as well as your local Protective Services for Adults chapter. Make sure to gather as much information as possible that could be evidence, and contact the bank to let them know of the situation. 

For some families, trying to fit in the time to help their aging loved ones with their finances and other daily tasks can be overwhelming. Family caregivers sometimes need a break from their caregiving responsibilities. When they need respite care, Richardson families can rely on professional caregivers to help their senior loved ones remain safe at home. Reach out to Home Care Assistance today at (469) 573-4213 to find out how we can help.

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