The Cochran Firm Legal Blog

When our parents or loved ones are no longer able to care for themselves, we do the best we can under the circumstances and sometimes have to entrust their care to caregivers or nursing homes when we can no longer take care of them ourselves.

In doing so, we expect our loved ones to receive adequate care. It is unfortunate, but nursing home abuse does exist, even though we pay these facilities to provide excellent care for our loved ones. The word "abuse" brings with it physical implications, but financial exploitation is also a very real type of elderly abuse.

Financial exploitation of the elderly occurs when a caregiver or relative takes advantage of an elderly person and uses their money, property or valuables for their own gain without their permission or proper consent. The sad truth is that the elderly are prime victims for financial exploitation because they are vulnerable, easily coerced, and not inclined to report any suspicion to the authorities out of shame.
There are many forms of financial exploitation, including:

Not repaying borrowed money
Selling or giving away property without permission
Misusing access to ATM cards or bank accounts
Stealing property, valuables, or money
Forcing the victim to part with property through coercion

Elder victims are less likely to report any suspicions that they may have been the victim of fraud or financial exploitation out of shame or fear of losing their caregiver. Look for these signs:

Suspicious signatures on checks
If the elder is unable to explain his or her financial status
A power of attorney has been executed without the elder fully understanding its implications
Bills are not being paid
Money is missing from checking or savings accounts that cannot be explained

If you or a loved one has been the victim of financial exploitation and would like to learn more, please contact the experienced attorneys at The Cochran Firm, with offices nationwide, today.

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