As individuals age, they become more vulnerable to financial exploitation. Unfortunately, many older adults become victims of financial abuse, often due to the actions of those closest to them. As a caregiver for an older adult, it’s essential to be aware of the potential for exploitation and to take steps to prevent it. Here are some tips to help you prevent financial exploitation of older adults.
1. Stay Alert for Signs of Financial Abuse
As a caregiver, you should be on the lookout for any signs that your loved one might be experiencing financial abuse. Signs of abuse might include unusual account activity, missing funds or valuables, sudden changes to a will or other financial documentation, or an unexpected decrease in financial resources.
2. Learn the Signs of Financial Scams
As many older adults are not as tech-savvy as younger generations, they may be particularly vulnerable to scams carried out through phone, email or social media. Additionally, many older adults struggle with memory issues, making them particularly susceptible to scams. As a caregiver, you should educate your loved one on the signs of financial scams and explain how to prevent them.
3. Practice Good Communication
Communicating regularly with your older loved one about their finances is essential. This provides an opportunity to discuss any unusual activity or changes in their financial records. It also allows you to review any recent transactions and identify any potential problem areas.
4. Plan Ahead
You can help prevent financial exploitation by helping your loved one to establish their estate plan. Making a will, living will, and powers of attorney can ensure that their assets and medical decisions are managed in a responsible manner.
5. Be Involved in Financial Decision Making
If your older loved one is unable to manage their finances independently, it’s essential that you take an active role in their decision-making process. This might involve monitoring bank statements, bills, and financial records regularly. Additionally, you can offer guidance and support if they need help making financial decisions.
6. Engage a Neutral Third Party
To further protect your loved one from financial exploitation, it can be beneficial to engage a neutral third party, such as a financial advisor, accountant, or attorney, to monitor their finances or provide professional advice.
7. Report Suspected Abuse
If you suspect that your loved one is being financially exploited, it’s essential to report it to the appropriate authorities immediately. Reports can be made to local law enforcement, state adult protective services, or the National Center on Elder Abuse.
In conclusion, caregivers play an essential role in preventing the financial exploitation of older adults. By staying alert for signs of abuse, learning the signs of scams, practicing good communication, planning ahead, being involved in financial decision making, engaging a neutral third-party, and reporting suspected abuse immediately, we can proactively protect our loved ones from financial exploitation.
