What are the signs of financial elder abuse?

As the best elder abuse law firm in Las Vegas, J. Cogburn Law is dedicated to protecting our vulnerable elderly population from abuse in all its forms, including financial abuse. Sadly, financial elder abuse is incredibly common and can have devastating consequences for its victims. In this article, we will discuss the warning signs of financial elder abuse in Nevada, so that you can recognize when someone you love is in danger and take the necessary steps to protect them. So, what are the signs of financial elder abuse?

Changes in Financial Behavior

Identifying financial elder abuse can be difficult, but there are some warning signs to look out for. Some common indicators of financial abuse include sudden changes in financial behavior, such as large withdrawals or transfers of money. If an elderly person suddenly starts giving away money or buying lavish gifts for someone, it may be a sign that they are being coerced or manipulated into handing over their assets.

Not in Control of Their Own Finances

Another red flag is when someone else is suddenly controlling the elderly person’s finances. If a caregiver or family member suddenly takes control of the elderly person’s finances without explanation, it could be a sign of abuse. It’s important to verify any changes in financial control with the elderly person and make sure that they understand and agree with the arrangement.

Changes to Their Will

Seniors who are suffering from financial elder abuse may also make unusual changes to their wills or other legal documents. If a previously sound and rational person makes sudden or unusual changes to their will, it is worth investigating whether they have been coerced or manipulated into doing so.

Falling for Scams

Scams and fraud are also common tactics used to prey on elderly persons. Fraudulent telemarketers or emails may offer products that seem too good to be true, or fake charities that claim to help seniors. These scams can be incredibly persuasive, and it’s important for elderly persons and their family members to be aware of them and report any suspicious activity to trusted authorities.

Nevada’s Law Regarding Financial Elder Abuse

Finally, it’s worth mentioning that Nevada law takes financial elder abuse very seriously. In fact, the state has designated a specific statute, NRS 41.1395, that provides for treble damages (three times the amount of actual damages suffered) for victims of financial exploitation. This means that the state is committed to punishing abusers and ensuring that elderly persons are compensated for any financial losses they suffer as a result of abuse.