When we speak to clients who have elderly parents, grandparents, or friends, one of their biggest concerns is that their loved ones will be taken advantage of through financial abuse. Financial abuse is incredibly common among elder individuals, and the most important thing that others can do is closely monitor how and when their loved ones’ money is being spent. If friends and family keep a watchful eye, this can greatly reduce the odds that their loved ones will be subject to financial abuse from other less trusted individuals in their lives.
It is important to know what to look for when monitoring for possible financial elder abuse. An obvious red flag is a large or unexplained withdrawal or, even worse, a pattern of large or unexplained withdrawals. If your loved one’s bank account is fluctuating in a way that you know is not in alignment with their spending patterns, it is always better to investigate instead of leaving things to chance.
A rapid loss of money can also indicate possible financial elder abuse. Sometimes, we see elderly individuals who face unexplained taxes during tax season or a large number of complaints on FINRA’s broker check site. If your loved one has a broker who is difficult to contact or who has been exhibiting evasive behavior, this is also a sign to look into how that person’s money is being handled.
If you suspect that your loved one might be the victim of financial elder abuse, the best thing you can do for that person is speak with a qualified, experienced elder attorney that can walk you through the next steps. Financial elder abuse can have dire consequences for anyone, no matter how wealthy they are, and the earlier you catch the suspected abuse, the easier it is to get it handled as efficiently as possible. Because the laws around elder abuse can be complex, you and your loved one can benefit greatly from sitting down with a specialized attorney to make sure you are both well-protected going forward. When there is so much on the line, don’t wait: be proactive and take the necessary steps to safeguard the elder individuals in your life.
Are You Looking for an Elder Abuse Attorney in Houston?
At McCulloch & Miller, PLLC, we specialize in working with clients who are either at risk of or who have experienced elder abuse. Importantly, we offer an integrated approach so that our clients can know their finances are being handled in alignment with their long-term care plans, their families’ needs, and their own personal goals. We prioritize building long-term relationships with our clients so that they can rest assured they are in good hands. For a no-obligation consultation with a member of our team, call us today at (713) 936-9073. You can also fill out our online form to get in touch with us. We offer services in Houston and throughout Harris County on a flat fee and hourly basis.