– Crystal Vagnier – Select Group – Writer/Editor
It’s an unfortunate fact, but elder financial abuse happens. The exploitation of senior citizens and adults with disabilities for someone else’s financial gain, sometimes at the hands of family members or those placed in the position of trusted caretakers, is a topic that should be understood so as to take the proper precautions to avoid it.
- Predatory sales are when someone may be pressured into Annuity or inappropriate financial product. Often, the annuity will not mature until the individual is into their 90’s!
- Internet phishing will send emails linked to dummy accounts requesting bank account information.
- Pyramid schemes, Medicare scams, charity scams, and lottery scams are common and easy to swindle unsuspecting elders.
- Pushing for Power of Attorney to control bank accounts and finances as well as physical abuse can happen by family members and trusted individuals.
Those who fall privy to financial exploitation and abuse can and/or will experience financial destitution, depression, anger, and shame. Implementing a neutral third party (like banks and law enforcement) to manage and monitor the funds of the individual will go a long way in avoiding potential financial abuse.
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