When people think about financial abuse that targets seniors, they often imagine digital spam and telemarketing scams. As a result, family members may not recognize that a parent or other elderly loved one may be at risk of abuse by someone they know.
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.
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.
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.
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.