Whether your elderly loved one is living at home or in a nursing home, they are going to be exposed to scams and situations where others try to take advantage of them. Unfortunately, it is not uncommon for the elderly to be taken advantage of, so it’s important for you to take steps to protect them.
Financial abuse is extremely common among the elderly. They may be abused by friends or family looking to obtain their hard-earned assets. Here are four ways that you can help them avoid financial manipulation.
- Make sure you stay active in your loved one’s life
The first thing you can do to make sure you are nearby to recognize the red flags includes just being present more often. For example, if you’re at your mom or dad’s house each afternoon, it’s much less likely that someone is going to try to come in and take advantage of them. Even if they did, you’d be there soon enough to recognize that something was wrong.
- Secure your loved one’s assets
If your mom, dad, or other elderly relative wants to leave assets behind to specific individuals, talk to them about setting up an irrevocable trust. With this kind of trust, making any change to the beneficiaries is difficult, which makes it harder for anyone to manipulate their intentions.
- Stay updated on their medical condition
Many times, people are fine until they start to lose their mental faculties. If your loved one is confused or making mistakes, it may be time to talk to a doctor about their mental health and if they are in a position to make their own legal decisions. If not, a guardian may need to step in.
- Investigate any unusual financial changes
Whether it’s money missing from your parent’s safe or a checkbook that has gone missing, make sure you investigate anything that seems out of the norm, especially if others have recently been to visit your relative.
These are four ways to keep your relative safer as they age. Elder financial abuse is common, but by being vigilant, you may be able to stop it in its tracks.