Signs of Elder Financial Abuse

elderly man sitting alone in a New York nursing home room

In nursing homes in New York and throughout the United States, physical and emotional abuse are not the only forms of elder abuse. Another common form of nursing home abuse is financial abuse. Financial abuse is when an individual or organization mismanages, conceals, or outright steals an elderly individual’s money, property, or other assets.

While financial abuse can happen to anyone, the elderly are typically more vulnerable to being financially exploited. Unfortunately, it’s all too common. Watching for signs of financial abuse can help your loved one avoid losing their life savings. It’s highly disturbing to witness an elderly person who spent their life working hard to build wealth fall victim to an unscrupulous person at a nursing home.

Individuals who believe their loved one has been the victim of financial elder abuse should retain a skilled and experienced attorney as soon as they can. The New York nursing home abuse lawyers of Finz & Finz, P.C. are highly skilled advocates who are committed to protecting the rights of individuals who have been victimized by others.

At Finz & Finz, P.C., we are ready to handle all the details of your elder financial abuse case. We have decades of experience helping New Yorkers fight for justice and compensation after all different types of elder abuse and neglect. We are ready to do the same for you and your loved one. Our compassionate and skilled New York elder abuse attorneys have what it takes to tackle even the toughest financial abuse cases.

If your loved one is experiencing financial abuse at a nursing home abuse, you retain a lawyer as soon as possible. The New York nursing home abuse lawyers at Finz & Finz P.C. are here to help. This blog will discuss some of the most common signs of elder financial abuse. If you are concerned your loved one is being exploited financially at a nursing home, we recommend you watch for these signs. If you find out the nursing home has been guilty of any of the following, contact the highly skilled lawyers at Finz & Finz P.C. as soon as possible. To set up a free, no-obligation consultation, call today at 855-TOP-FIRM.

Types of Financial Abuse of the Elderly in Nursing Home

Some of the common types of financial elder abuse in a nursing home include:

  • Theft of cash or items in the resident’s room.
  • Theft of credit cards, debit cards, or checkbook
  • Misuse cards or checkbook
  • Identity theft
  • Tricking the elderly individual into “giving” assets
  • Threatening them into transferring assets

How Does Elder Financial Abuse Differ from Other Types of Nursing Home Abuse?

Unlike other common forms of elder abuse in nursing homes, financial abuse does not typically cause a victim to suffer immediate symptoms. Often, the elderly are exploited financially without their knowledge. Financial abuse can also go unnoticed for years. Financial abuse can significantly impact the victim and their loved ones by wiping out the assets, possibly saddling the estate with huge debts. In some cases, nursing home patients are hesitant to report instances of financial abuse because they are too embarrassed to admit that they were victimized.

Effects of Financial Abuse

While a victim might not show signs of trauma in the aftermath of financial abuse, they can be traumatized when they are told about the financial abuse, especially if it happens in conjunction with other types of abuse and neglect. For instance, a nursing home resident may be tricked into transferring money to a caregiver’s account. In a case such as this, the victim suffered both financial abuse and psychological abuse. A common long-term, negative effect of elder financial abuse is worsened health, in part because the victim cannot pay for the health care they need.

Common Signs of Elder Financial Abuse

Common signs of elder financial abuse include:

  • Withdrawals from a bank account that your loved one cannot explain
  • Withdrawals from an account that was inactive
  • ATM withdrawals by a person who does not use an ATM card
  • A large number of unpaid bills
  • Missing property
  • Missing jewelry or cash
  • Joint account opens up suddenly
  • Sudden credit card balances appear
  • New “friends” who want to accompany your loved one to the bank.
  • Sudden insufficient funds
  • Large transfers from bank accounts
  • Large credit card charges that the elderly person cannot explain
  • Missing checks and checks that have suspicious signatures
  • Newly executed documents, such as a will or power of attorney
  • Changes in account beneficiaries or authorized signers.
  • Entry forms and prizes from contests
  • Payments made for “free” vacations
  • Your loved one is anxious when discussing finances
  • Sudden social isolation
  • Your loved one acts scared or nervous in the presence of a caregiver

The Elderly Individual at Risk

There are a number of risk factors that would put an elderly individual at a greater chance of being the victim of financial abuse. Characteristics of elderly individuals who are likely to be financially abused include:

  • Loneliness
  • Isolation
  • Mental or physical disabilities
  • Grieving the loss of a loved one
  • Unfamiliarity with financial matters
  • Have relatives who have problems with substance abuse

Contact a New York Nursing Home Abuse Lawyer Today

If you believe your loved one has been the victim of financial abuse, do not hesitate to discuss the situation with the experienced and compassionate attorneys of Finz & Finz, P.C. We can thoroughly evaluate the situation and advise you of your legal options. Allow the New York elder abuse attorneys at Finz & Finz, P.C. to prepare the strongest case possible for you, putting you in the best position possible to get the compensation your family deserves. Call us today at 855-TOP-FIRM to schedule a free, no-obligation consultation, during which we can discuss all your legal options.

  • About the Author
  • Latest Posts

Finz & Finz, P.C. is a New York and Long Island personal injury law firm based out of Mineola, NY. It was founded in 1984 and is highly rated, with many honors and awards of excellence.