You might be wondering about how to deal with the care of your aging parents. It is common for people to worry. We all understand how important it is to maintain the health of parents, especially when they are above the age of sixty. But how will you make sure that you don’t get caught up in the financial expenses?

The misuse of a senior’s financial resources by a third person, such as a caregiver, neighbor, friend, or family member, is known as elder financial abuse. More than five million seniors in the United States are reportedly taken advantage of financially every year, according to the New York State Office of Children and Family Services.

Elder financial abuse results in losses of more than $36.5 billion dollars annually. So it is important to hire the best experienced criminal lawyer Toronto to avoid this issue.

What Does Elder Financial Abuse Look Like?

Some people are unaware of what lies under the umbrella of Elder financial abuse. It leads to subtle problems that they never see coming. Following are some examples of elder financial abuse:

  •       Contest or lottery fraud
  •       Scams involving yard work and home repairs
  •       Telephone fraud
  •       Fraudulent charitable donations
  •       Fraudulent door-to-door sales
  •       Predatory lending or reverse mortgage fraud
  •       Fraud in Medicare
  •       Investment ripoffs
  •       Pension fraud
  •       Identity fraud
  •       Phishing ripoffs

How Can You Save Parents from Elder Financial Abuse?

The first thing that you need to understand is that the scammers directly target seniors. Make sure you are educating your parents about the recent scams. Following are the main forms of elder abuse:

  •       Check writing or the use of credit or debit cards for personal benefit is fraud/forgery.
  •       Identity theft: Using someone else’s information to create credit accounts or get loans
  •       Embezzlement/breach of fiduciary duty: Using money that is entrusted to them for personal gain.

Ask the Financial Advisors:

You might never know, but the most common case of elder abuse is often conducted by caregivers. Sometimes people even get deceived by their family members. You should always think firmly before deciding over who you put as a position of trust or financial advisors in your family.

Allow Them to Monitor their Bank Accounts:

Offer to assist them in keeping an eye out for any strange activity or withdrawals in their emails or bank accounts. Examining their bank or credit card statements for any inaccuracies is a great approach to accomplish this.

You might be able to set up bank notifications for low balances or significant withdrawals. Additionally, looking through their mail and email will help you see any warning signs or unethical practices.

Ask for Power of Attorney By Experienced Criminal Lawyer:

Sometimes a power of attorney can be of great help. Make sure you ask your parents if they have a network with the attorney for their finances. Always be ensured of whether your parents are in contact with their agents or not.

Sometimes as age passes by. People suffer from cognitive and physical disabilities. It is beneficial to keep an eye on their legal activities with the help of an experienced criminal lawyer Toronto.

Final Verdict:

As we have discussed, you can always report elder abuse. Generally, people receive service from a local APS agency. Experienced criminal lawyer Toronto conducted an investigation with regards to the criminal behavior. Suppose there is any case of suspect or misconduct.

They are able to provide you with efficient guidelines. A report of elder abuse may be investigated by a law enforcement agency, which may then refer the case for legal action. For more information visit us.