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How can you protect your elderly loved ones from financial abuse?

On Behalf of | Nov 19, 2021 | Elder Law |

You may be the adult child of an older parent. Your parent has saved their money for many years so that they can retire eventually and live the rest of their days comfortably. Another reason why they saved for all those years is to leave you an inheritance.

Whether your parent lives independently in their later years or lives in a facility, they still need money to live. Sadly, there are other people in the world who would like to see your loved one depart with their money and other assets, and they do everything possible to make that happen. Financial abuse of the elderly is unfortunately common nowadays and the abuse can come in a variety of forms.

Steering your loved one in the right direction

If you feel uncomfortable about anything related to your loved one’s assets, a knowledgeable Indiana lawyer who has specific expertise in elder law can really guide you effectively so that you can protect your loved one’s assets.

An important piece of advice that the lawyer can offer is how to help your loved one plan effectively so that they can achieve what they wish to accomplish. It is sensible to get professional advice so that you are clear on how to help before something happens. That way, if a situation does come up, you will know what to do and you may be able to defuse it before it is out of control.

Protecting your loved one from becoming a victim

Unfortunately, older people are often easy targets for other people who are trying to take advantage. That is a reality even if the elderly person is healthy, both physically and mentally. If the person has an impairment, such as dementia or Alzheimer’s disease, the consequences of financial abuse could be much worse. The abuser may exploit the elderly person in a variety of ways.

You will need to protect your elderly loved one in every way that you can. Your parents loved, nurtured, and protected you when you were young and now it is time for you to do the same for them.