Elder financial abuse can cause big problems for seniors, affecting their money and peace of mind. Delaware has laws to protect seniors, but it’s important to know the risks and take steps to stay safe.
What is elder financial abuse?
Elder financial abuse occurs when someone takes advantage of a senior to obtain money or assets. This can include using their funds without permission, pressuring them to change legal documents, or tricking them into making bad investments. Elder financial abuse is illegal, and those responsible can face fines or jail time.
How to spot the signs
There are warning signs seniors and their loved ones should watch for. Look out for unusual bank withdrawals, sudden changes to wills or financial accounts, or strange spending activity. Trusted family or friends should keep an eye on things, as seniors might not always notice these problems.
How seniors can protect their money
Seniors can take steps to keep their finances safe. Setting up a durable power of attorney lets a trusted person manage their money if needed. It’s also important to keep personal and financial information private and secure. Checking bank and credit card statements often can help catch any suspicious activity early.
Where to report financial abuse
If someone thinks elder financial abuse is happening, they should report it. In Delaware, the Adult Protective Services unit investigates these cases. Reporting abuse quickly can stop it from getting worse and hold the abuser accountable.
Elder financial abuse can hurt seniors in many ways, but being prepared helps seniors stay in control of their finances and live securely.