Serving Clients in Fairfield, Hartford, Litchfield and New Haven Counties

Elder Financial Abuse: Don’t Let Money Disappear

Your mother saved money her whole life. The goal was to give you a better future once she passed away so that you could support yourself and your children. 

You’ve always learned that saving was a good way to protect yourself against the ups and downs in life, but your sister doesn’t feel the same way. She was always asking for (and spending) your mother’s money.

Today, your mother is in a nursing home, and you’re concerned. You’re in charge of her finances, and you’ve been noticing more withdrawals than usual. They’re small amounts, but over time, they’ve started to add up. 

At first, you thought it was the extras that your mother was having purchased for her that were costing so much, but when you discussed it with her, she didn’t know she’d made any purchases.

This may be a case of elder financial abuse

Elderly individuals can be taken advantage of by many different people. When those people steal money or trick their loved ones into paying for their personal items, then it could be construed as elder abuse. Anyone from caretakers to neighbors or family members could be the person taking advantage of an older loved one, which is why it’s so important for the person in charge of finances to speak up if there is money that is going missing.

One in nine seniors has reported being abused. Financial exploitation is very common, with around one out of every 20 elders admitting that they had been victims of financial mistreatment. If this is a concern for your family, you may want to discuss your options with your attorney and lock down the financial accounts until you can find out where the money is going.