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Identifying Financial Elder Abuse

 Posted on November 29,2023 in Elder Law

Flower Mound Elder Law Attorney

Financial elder abuse occurs whenever someone uses your money for financial exploitation. The extensive baby boomer population is now seniors, with an estimated 10,000 people turning 65 years old each day.

The abuser might be a caregiver, neighbor, family friend, or family member. No matter who is committing the abuse, financial elder abuse is becoming a serious issue in the United States, and the aging population is at a high risk of being victimized.

If you have reason to believe that you or a family member are a victim of elder abuse, speak with a Flower Mound elder law attorney today.

What is Financial Abuse?

Financial abuse can happen to anyone, but it is especially devastating when it happens to an elderly person. Financial abuse can take any of the following forms:

  • Taking money without permission
  • Failing to repay money that is owed
  • Misrepresenting how money will be used
  • Overcharging for services

Any of these behaviors is a sure sign of financial elder abuse and should be reported to authorities.

Impact of Financial Elder Abuse

Residents of nursing homes and assisted living communities are most susceptible to financial abuse since they may have diminished mental capacity. Perpetrators know that these residents may make questionable decisions and are likely not checked on by family members, making them prime targets.

Diminished capacity and lack of family involvement can result in hundreds of thousands of dollars being stolen until somebody steps in. If the elderly person suspects anything, he or she may refrain from mentioning it to others due to being ashamed or embarrassed.

Financial exploitation does not just rob the victim of hard-earned money; it can also have a lasting impact on the individual’s emotional health. An elderly person may feel low self-esteem, robbing the victim of happiness in retirement.

Reporting Elder Abuse in Texas

Elder abuse can be reported to any of the following entities:

  • If the victim lives in assisted living or a nursing home and has a home health aide, you can report the abuse to the Texas Department of State Health Services
  • If the victim lives in a long-term care facility that receives Medicaid funding, you can report the abuse to the Attorney General’s Medicaid Fraud Control Unit
  • If the victim does not live in a long-term care facility, then you can report the abuse to Adult Protective Services

Protecting the Elderly Against Financial Abuse

If you believe that a family member is being financially abused, there are five steps that you can take to intervene:

  1. Prevent: Educate yourself and others about financial elder abuse
  2. Recognize: Spot the warning signs and take action
  3. Record: Document what you observe
  4. Report: Tell the appropriate authorities
  5. Reach out: Contact a Denton County elder law attorney 

Contact a Flower Mound, TX, Elder Law Attorney Today

Financial elder abuse affects the victim and everyone who provides that person support. If you have a family member who has endured financial elder abuse, a Denton County, TX, elder law attorney can help. Contact Colbert Law Group PLLC online or by calling 972-724-3338 to schedule your initial consultation. 


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