If you have an older parent finishing up his or her estate plan, you may have some concerns about it. Elderly people can become susceptible to coercion and pressure by other people, such as family members or friends. Abusers take advantage of the physical and mental weakness of elderly people. This can impact the estate plan significantly.
Red flags your aging parent is a victim of undue influence
Is your elderly parent being exposed to financial abuse?
Let us say your mother, a widow who lives alone, is about to turn 80. She has always been alert and active, but lately, you have noticed some cognitive changes.
4 signs your relative is financially abusing your aging parent
You want to think the best of your family members, but sometimes the signs are too alarming to ignore. If you are suspicious that your sibling or another relative is stealing money from your elderly parent, you are likely feeling anger and confusion. According to AgingCare, most financial elder abusers are family members.
3 signs of unjust influence on an elderly family member
Elderly citizens need to have certain protections to safeguard finances from people who do not have their best interests at heart. This undue influence can take the form of transferring money from one account to another or simply taking advantage of another person's weaker state of mind.
Know the warning signs of financial elder abuse
Financial elder abuse is a growing issue for families in Colorado. As adults age, they face a higher risk of being victims of elder abuse, including financial abuse and exploitation. Financial abuse can significantly impact your family and make it difficult for you to pay for your parent's care as they age.
