Three Tips To Prevent Elder Financial Abuse
When many people think of nursing home abuse, they often first imagine physical abuse. Sadly, abuse and neglect take many forms and one of the most common types to occur in long-term care facilities is financial abuse. Every year in the United States, there are over 369,000 incidents of financial abuse, resulting in approximately $4.8 billion in losses. Fortunately, if your loved one is in a nursing home, there are tips that can help prevent them from becoming a victim. Below, our financial abuse attorney in Tampa explains what those are.
Appoint a Financial Power of Attorney
Seniors in nursing homes are often unable to make decisions for themselves. These individuals are very susceptible to elder financial abuse. Even if your loved one still has the capacity to make these decisions, you should still speak to them about appointing a financial power of attorney. More than one person can be appointed as power of attorney and this can be beneficial, as they can hold each other accountable.
Appoint a Trusted Contact for Investments and Accounts
A trusted contact is an authorized individual a bank or other financial institution can contact when there is suspicious activity on an account. Banks and financial institutions can also get in touch with the trusted contact if they are unable to contact the senior citizen. Trusted contacts typically cannot make transactions on the account, but financial institutions can disclose otherwise confidential information to them.
Use Tracking Services
Sign up for tracking services, such as LifeLock or EverSafe that can detect suspicious activity on your loved one’s accounts. These tech tools can notify you and a trusted advocate of any unusual withdrawals, missing deposits, or other irregular activity. Many tech services offer much more than just front-line protection, too. Sometimes, they can also help people recoup their losses.
Stay in Touch with Elderly Loved Ones
It is difficult to know what is going on in someone’s life if you do not stay in touch with them regularly. Even visiting just once or twice a month will likely not be enough to stay on top of your loved one’s finances and recognize which financial transactions are normal, and which are not. Even if you cannot visit as much as you would like, stay in touch with your family member by calling them and if possible, emailing or texting them.
Get to Know Nursing Home Staff Members
It is often easier to defraud strangers than someone a person knows and so, it is advised that you get to know the staff members in a nursing home. Additionally, when you get to know nursing home staff members, they will be less likely to financially abuse your loved one because they know you are paying attention.
Call a Financial Abuse Attorney in Tampa for Help with Your Case
If you suspect your loved one has already been defrauded, it is important to speak to a Tampa financial abuse attorney as soon as possible. At Kohn Law, our seasoned attorney can provide the legal advice you need and help your loved one recover their losses. Call us now at 813-428-8504 or contact us online to schedule a free consultation.