by Lisa Treadwell
It’s an unfortunate fact: older adults,
usually senior citizens, are prone to becoming the victims of
financial exploitation. It’s estimated that such elder abuse costs
seniors in excess of 3 billion dollars annually in the United States.
And, it’s fair to assume that a hefty percentage of that damage is
inflicted on seniors in the Indianapolis area and all across Indiana.
usually senior citizens, are prone to becoming the victims of
financial exploitation. It’s estimated that such elder abuse costs
seniors in excess of 3 billion dollars annually in the United States.
And, it’s fair to assume that a hefty percentage of that damage is
inflicted on seniors in the Indianapolis area and all across Indiana.
As an Indianapolis REALTOR® who
specializes in helping senior adults and their caregiver families
sell the family home, I’m aware of the financial susceptibility of
many of our older neighbors.
specializes in helping senior adults and their caregiver families
sell the family home, I’m aware of the financial susceptibility of
many of our older neighbors.
While we’re all aware of the Internet
and phone scammers that prey on senior citizens, there are many less
obvious ways in which an older adult can find their money abused.
and phone scammers that prey on senior citizens, there are many less
obvious ways in which an older adult can find their money abused.
Financial exploitation occurs when
someone illegally or improperly uses a senior’s money or property for
their own benefit. These acts can be committed by someone the senior
knows or by a complete stranger.
someone illegally or improperly uses a senior’s money or property for
their own benefit. These acts can be committed by someone the senior
knows or by a complete stranger.
Here are some common signs of
exploitation:
exploitation:
-
Food or medication is sometimes
withheld to induce weakness or compliance -
Financial activity is inconsistent
with the senior’s history or beyond their means. This may include
unexplained credit card activity, withdrawals, or new signers added
to financial accounts. -
The senior is confused about
recent financial arrangements or transactions. -
There have been recent changes to
titles, deeds, mortgages, wills, power of attorney, trusts or other
matters that the senior did not authorize. -
A senior has been forced to take
on financial support of a friend or family member. -
People are threatening to place
the senior in a long-term care community unless given control of the
senior’s finances.
This list is not meant to induce
paranoia or “scare” anyone. Obviously, especially as a senior
ages, there are many good reasons for others to handle the finances
of an older adult.
paranoia or “scare” anyone. Obviously, especially as a senior
ages, there are many good reasons for others to handle the finances
of an older adult.
If you’re a senior who believes
that someone may be exploiting your finances – or the caregiver,
family member, or friend of a senior – who has concerns, there are
options and help available.
that someone may be exploiting your finances – or the caregiver,
family member, or friend of a senior – who has concerns, there are
options and help available.
If you believe a crime has occurred,
call the non-emergency number of your local police department.
call the non-emergency number of your local police department.
Elder Abuse Resources:
Indiana State Adult Protective Services Hotline: 1.800.992.6978
Indiana Association of Area Agencies on Aging 317.205.9201
