Preventing Financial Abuse of Your Elderly Loved One

Most of us know to be on the watch for scams against the elderly, but some dangers still remain. Caregivers and loved ones must be vigilant in order to protect the elderly from financial abuse. The Kansas City Star offers some advice for preventing financial abuse of the elderly.

1. Keep in touch with your loved one.

Communicate with them consistently. Don't focus your discussions solely on financial matters, but do visit the subject. They'll be more likely to tell you that something is wrong if they are comfortable speaking with you about these things!

2. Keep track of their spending.

You don't need to go over their receipts each week, but you should have a general idea of their expenses. It can be as simple as understanding your loved one's habits. For example, if you know that your mom withdraws $40 every week, you'll realize that something is up if she withdraws $500. 

3. Keep it simple. 

Sit down with your loved one and take a thorough inventory of their finances and assets. Consider streamlining their finances by consolidating multiple accounts. Make sure that all financial, legal, and other important documents are stored in a secure place, like a safe deposit box.

The article has a few more tips, but these three should give you a good basic idea of what you need to do. Consulting an attorney who specializes in elder law might be useful if your loved one is reluctant to follow your advice. The most important thing to remember is that communication is crucial to keeping your loved one safe from fraud!

To learn more, visit the Kansas City Star here: https://ow.ly/Et6y30mtOSv

What steps have you taken to protect an elderly loved one from financial abuse? Share your stories below!