Unfortunately, elder financial abuse is a distressing reality for many older adults. Some individuals identify them as targets, taking advantage of their vulnerability. Fortunately, statutes in Oregon provide guidelines for identifying and addressing these practices. This way, you can look out for warning signs and act promptly in the event of financial abuse.
Unidentified transactions
According to Oregon law, financial exploitation includes wrongfully taking or using the assets, funds, or property intended for an older adult. This can manifest as unauthorized withdrawals from bank accounts, changes in estate documents like wills or powers of attorney, or unexplained money transfers.
To prevent this type of abuse, you can constantly check bank statements and legal documents. Additionally, you can review who has access to these assets and limit permissions for suspicious individuals. If you notice unusual activity, such as sudden withdrawals, you must investigate these actions.
All financial decisions must be made with the older adult’s consent and understanding. Regularly reviewing bank statements and legal documents with trusted family members or advisors can prevent unauthorized use. If you suspect financial abuse, take action promptly.
Threats and coercion
Another red flag is when an individual uses intimidation tactics to ask an older adult for money or changes in their estate plan. This could involve someone making severe threats, creating a belief that they will carry out these actions. The emotional and psychological pressure can be harsh, leaving the older adult feeling trapped.
To address this, maintain open communication with your elderly loved ones. Encourage them to speak up about any pressure they feel regarding financial matters. Building a supportive environment can empower them to resist coercion and seek help when needed. Moreover, knowing they have someone on their side can help them feel seen and confident.
Neglect of financial responsibilities
Financial abuse can also occur when an individual fails to use an older adult’s income for their support and maintenance. This might include not paying bills, neglecting medical expenses, or failing to provide for basic needs despite having access to resources. If someone oversees the bills for your loved one, you should constantly monitor that these payments are being made.
Neglect in financial responsibilities may indicate that someone is misusing the funds for their gain. Even if the suspicious individual is a family member, taking legal action is crucial. This way, you can ensure that financial assets are used for their intended purpose.
Recognizing the signs of financial exploitation of seniors is the first step in combating it. In Oregon, the law provides clear guidelines to help identify and address these issues. You can protect your loved ones from this unlawful practice by being vigilant about unauthorized asset use.
If you suspect financial abuse, a Portland elder law attorney can help you evaluate your options. Still, it is crucial to act as soon as possible to prevent further harm and ensure that older adults receive the care and respect they deserve.
