Freedom Debt Relief Reviews the Warnings Signs of Elder Financial Exploitation
Elders who are over the age of 65 are susceptible to financial fraud. Freedom Debt Relief Reviews shares a few tips on how to recognize elder financial exploitation and what you can do about it.
Elder financial exploitation affects a large number of Americans every year. The 2010 Elder Fraud Survey conducted by the Investor Protection Trust found that 1 in 5 Americans 65 years of age and over have been victimized by a financial fraud.
Who Might Be A Victim Of Elder Financial Exploitation?
There are some common groups of elders who are more susceptible to financial exploitation than others. These include:
- Those between 80 and 89 years of age
- Those experiencing cognitive decline (especially Alzheimers)
- Those who live alone or are isolated from communities
- Those who depend on a caregiver
Freedom Debt Relief Reviews points out that you can identify someone with diminished mental capacity by the following signs:
- Arithmetic Mistakes
- Declines in ability to manage everyday financials
Identifying Financial Abuse
Trying to identify financial abuse can be difficult unless you know the elder’s spending habits and have some access to their finances. Otherwise, it can be difficult to know if any abuse is occurring.
Most signs of abuse can be identified by out of character financial transactions. These include:
- Unexplained changes to a will or trust
- Change in Trustee (manager of the trust)
- Change in Power of Attorney
- Large or odd location transactions appearing on credit cards
- Person added as authorized credit card user
- New accounts being opened
- Transfer of assets
- New mortgage on home
- Liquidation of retirement account
There are various ways to avoid financial elder abuse. Now that you know some of the signs to look out for, here are a few things elders and you can do to avoid abuse:
- Discuss financial transactions, like the ones mentioned above, with someone first.
- Monitor credit card transactions. It’s even better to have the card owner sign up for a credit card monitoring service.
- Periodically go over financial documentation such as wills, trust, and insurance for any modifications.
- Consider bringing on a fiduciary, fee-only financial advisor to periodically go over finances and discuss any large ones (like those mentioned in the previous section). This is helpful in the event no other person is available.
Avoiding financial fraud and scams is mostly about knowing your finances and having someone with financial knowledge that you can turn to for a second opinion.
Freedom Debt Relief Reviews mentions that the best way to do anything about financial abuse against an elder is to report it. This can be done by contacting your county or state social services.
Any potential criminal conduct that is related to elderly abuse should go through your state’s Attorney General’s Office.
Securities related issues can be direct toward FINRA. They have a number specifically to report elder exploitations. You can reach them at T844-57-HELPS or 844-574-3577.
If you know an elder who needs help with debt, contact Freedom Debt Relief reviews or have them contact us to see how we can help them pay down their debt. It doesn’t cost anything to speak with a debt counselor. You can contact us at freedomdebtrelief.com