Money & Financial Warnings Signs for Elderly. Financial abuse targeting the elderly is a growing concern, with various warning signs indicating potential exploitation. One prevalent indicator is sudden changes in financial behavior, such as an elder who has always been frugal suddenly spending excessively or making uncharacteristic large purchases. Another red flag is the presence of unfamiliar individuals exerting undue influence over the elder's financial decisions. This could manifest as a newfound caregiver or advisor pressuring the elderly person to make financial transactions against their best interests.
Fraudulent activities, including scams and identity theft, pose significant threats to elderly individuals. Unusual or unexplained withdrawals from their bank accounts, mysterious financial transactions, or discrepancies in financial statements may suggest fraudulent activities. Elders may also become victims of phishing schemes or unsolicited calls pressuring them to disclose sensitive financial information.
Monitoring changes in an elder's financial statements and having open communication about their financial decisions are crucial to identifying potential warning signs of financial abuse. Family members and caregivers should stay vigilant to protect elderly individuals from falling victim to financial scams and exploitation, ensuring their financial well-being and safeguarding against fraudulent activities.
From being estranged, overnight, Lianne was thrust into the role of her father’s primary caregiver, managing his financial matters with constant threats from her mother, who continued to exploit him. In playing this role, Leanne had a firsthand account of what is sadly a common occurrence – financial elder abuse by family members.
Lianne now seeks to change elder abuse laws based on her experience. Through her trials and tribulations, one can identify with some of the key changes that are needed. Most critical amongst them are early diagnosis of cognitive impairments such as dementia and the strengthening of societal attitudes towards the elderly.
Warning signs that caregivers should be mindful of include confusion, forgetfulness, inability to manage finances, frequent acts of generosity, and persistent requests from family members for money. Regular checking of bank statements can go a long way in preventing financial abuse of the elderly.
Early diagnosis of dementia and other such cognitive impairments is critical to safeguarding the interests of the elderly. Timely intervention can help get financial and legal affairs in order thereby reducing the potential of exploitation. Additionally, early diagnosis allows for necessary lifestyle changes that could potentially slow disease progression
Here are 10 key sections from the transcript with start times:
0:16:29 - Discovering the Fraud
0:23:11 - Changing Laws and Awareness
0:29:20 - Continuing Money & Financial Abuses
0:36:16 - Abandonment and Loneliness
0:41:4 - Importance of Early Diagnosis
0:48:7 - Justification of Abuse
0:54:21 - A Movie-Worthy Tale
1:13:33 - The Cleaning Lady's Theft
1:17:29 - Forced Sale of Home
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Related episodes:
Talking Money: Cameron Huddleston's Expert Insights on Parental Finances
Beyond Safekeeping: Unlocking the Secrets to Shielding Loved Ones' Assets
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