There are over 40 million people over the age of 65 living in the United States. By 2020, this number will likely grow to more than 60 million. Due to advances in medical care, life expectancy is higher than ever. Unfortunately, there are far too many criminals who see this population expansion as an opportunity to profit.
Elder abuse is a particularly heinous crime, where criminals prey on senior citizens who are isolated, lonely and unable to care for themselves. This crime has become more widespread in recent years as our society has changed. Just a generation ago, many seniors lived with family. Now, as families have become decentralized, these seniors must depend on strangers to care for them. This leaves them vulnerable to abuse. Because they often have resources like retirement savings, homes and cars, seniors make tempting targets for criminals.
Signs of Elder Financial Abuse
There are several warning signs of financial abuse. If you, your parents or your grandparents are in a vulnerable situation, keep an eye out for these potential issues.
Changes in Living Situation
Many seniors lose the ability to care for themselves, and must either leave their homes or depend on home care workers. An in-home healthcare worker may be a good solution, but it opens the door for trouble as well. If a live in healthcare worker is right for you or a loved one, be sure that you can trust this worker before he or she moves in.
Inconsistent Buying Habits
As we age, it is natural for our spending habits to change. However, if a senior in your life begins purchasing unusual amounts of alcohol, consumer electronics, or firearms, it could be a warning sign of financial abuse.
Excessive Credit Card Use
Many people find that credit cards are a convenient way to pay for everyday items. Unfortunately, they also make it easy to accumulate excessive consumer debt. Many seniors are eligible for large amounts of credit based on their long credit histories. Criminals can use this credit to rack up thousands of dollars in debt, leaving their victims unable to pay their bills.
Revisions to Wills, Powers of Attorney or Other Legal Documents
In extreme cases, criminals may coerce a victim into revising legal documents , thus giving the criminal control over their lives. Tragically, the victim’s family may not realize what has happened until well after the fact, when it may be too late to reverse the damage.
Bringing the Criminals to Justice
To make sure these criminals receive the penalty they deserve, the families and senior advocacy groups need investigative accountants. To ensure the cases stand up in court, the investigators must provide expert witness testimony. Financial issues can be complex; expert witness testimony is essential to explain the issues to judges and juries. Senior financial abuse is a crime that warrants serious criminal penalties.
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For more information about our financial investigation service, contact Veriti Consulting at 855.232.4410 or send us your questions via email.
