Elder Abuse May Take the Form of Financial Exploitation

Economic exploitation is an insidious form of elder abuse. In this form of abuse, a senior’s assets are stolen or fraudulently used by trusted caregivers.

Financial abuse can take a number of forms. Perpetrators may use an elder’s property or money illegally to enrich themselves. This type of abuse can involve fraudulently obtaining power of attorney—the legal capability to make decisions for a person—in order to get at en elder’s resources. Perpetrators may also fraudulently add themselves to a senior’s will in order to obtain financial and material gains. Others may use a senior’s good credit to open lines of credit, which the abusers in turn use for themselves.

Additionally, economic abuse may be a component of other forms of abuse. Once an abuser controls a victim’s finances sufficiently, the abuser may use this control to force the senior to become dependent on them. Abusers may use this control to “punish” their victims by withholding necessities, leading to neglect, or bar their victims from reporting their crimes.

Since various forms of elder abuse are, by definition, committed by trusted caregivers, it can be extremely hard for seniors to come forward. Sometimes they need an ally to help them, since they may have become dependant on their abusers due to financial exploitation, as well as preexisting emotional ties. Between the desire not to turn in a family member, and the possibility of dependence, seniors often do not report exploitation and abuse. It is estimated that the vast majority of elder abuse goes unreported.

Financial abuse is similar to fraud perpetrated against the elderly, and often overlaps. The main difference between elder financial abuse and outright fraud is that financial abuse is committed by someone close to the senior, typically a family member or other trusted caregiver. But again, the two crimes can overlap, as fraudsters can become a member of a senior’s “trusted circle,” blurring the lines between fraud and abuse. The two types of crime are not mutually exclusive.

If you or a loved one has gone through any form of elder abuse, you’ve almost certainly been through a heartbreaking situation. Senior abuse almost always involves a betrayal of trust, and seniors may be reluctant to turn in family or other trusted caregivers. But you need to remember that you have rights, and there are steps that you can take to ensure that your rights are respected.

You can start to explore your rights by visiting the Elder Abuse, Nursing Home Neglect Class Action Lawsuit Investigation. Here, you can enter information about your situation for a legal review by a trained expert with a background in this type of litigation. The initial consultation is completely free of charge, and from the consultation, you can receive additional guidance on the best steps to take in your exact situation.