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How to Protect Elder Parents from Financial Abuse

While elder abuse is a well discussed issue among the elderly and their loved ones, elder financial abuse is just as important yet not so verbally prevalent. As a trusted local provider of home care in Boca Raton, FL, it’s important to keep our aging population safe – physically, emotionally and financially – and we wanted to share a few tips for how adult children can help protect their aging parents against financial abuse.

Set up Trust Accounts

Trust accounts are one of the best ways to help protect the elderly from financial abuse. Have your parent(s) sit down with a financial adviser at their local bank and discuss a trust account. Once set up, they can transfer funds to that account from their basic checking and savings accounts. Trust accounts offer seniors added protection as they provide the owner of the account with the power to decide how the money is invested and what happens to the funds once the owner passes away. In many cases, the owner can also decide who can access and have control of the trust while the owner is still alive to ensure that their hard earned dollars aren’t distributed to the wrong party.

Participate in the Process

The best way to ensure your parent(s) financial security is to stay involved and stay informed. The only way you can do this Get your parents to speak up about their finances. How much money do they have in the bank? How much of it is invested and what type of investments do they own? Get copies of their investment portfolios and bank accounts once a month to ensure they are making the best decisions. Checking their accounts is also a good way to see if any suspicious activity has taken place.

Reporting Elderly Financial Abuse

Whether a family member has attempted to blackmail your parents into giving them money or someone has gained access to their accounts, you must notify the proper authorities as soon as possible. Your local police department will be able to handle any such cases, as well as your local Protective Services for Adults chapter. Make sure to gather as much information as possible that could be evidence, and contact the bank to let them know of the situation.

Have other questions about planning for your parents’ future? Reach out to Home Care Assistance of Boca Raton today. We are a premier in-home care provider that supports seniors with the goal of aging in place, and we offer flexible live-in and hourly care in Boca Raton. For more information, don’t hesitate to reach out to an experienced Care Manager at 561-826-9282.