Abuse of elderly residents of nursing homes and other assisted living facilities occurs every single day in home and facilities throughout the United States. In fact, various studies and research of nursing home abuse have found that nearly 10% of all elderly residents across the country experience some form of abuse each year. This abuse of the elderly includes physical abuse, emotional abuse, neglect, sexual abuse, prescription errors, medical errors, and financial exploitation by the nursing home staff and other residents.
Financial exploitation, also known as financial abuse, has been a particularly widespread issue in assisted living facilities throughout the country. Studies estimate that approximately 500,000 elderly people are victims of financial scams each year, costing that population nearly $3 billion dollars annually. What’s more, this form of nursing home abuse of the elderly will only continue to increase as more and more of the baby boomer population ages, retires, and checks into nursing homes.
If you or a family member experienced financial exploitation, also referred to as financial abuse, while residing in a nursing home or other assisted living facility, contact the nursing home abuse attorneys of Abbott Law Group today to discuss your legal rights.
Nursing Home Financial Exploitation Background Information
Financial exploitation or financial abuse of an elderly nursing home resident occurs when employees of the nursing home or other residents improperly or illegally take and use an elderly resident’s money or other personal property. In additional, financial exploitation of elderly residents can occur when a caregiver or other individual tricks or pressures an elder to divulge personal, financial information, such as bank account numbers and credit or debit card numbers.
Another common form of financial exploitation is when an elderly resident is manipulated or tricked into changing a deed, will, or trust by the nursing home staff or other residents. These types of financial exploitation occur as a result of nursing home residents being especially vulnerable to these deceptive practices. Nursing home residents’ often function at a much lower cognitive level than an average member of society; thus, making them much more susceptible to exploiters.
Signs of Financial Exploitation of Nursing Home Residents
Often times, the financial exploitation of elderly nursing home residents is difficult to spot. Family members frequently put too much trust in nursing homes to do the morally right things in regards to the elderly’s finances.
In addition, financial exploitation occurs without warning signs just as regularly as with warning signs, which makes it even more difficult for family members to detect.
Common warning signs of financial exploitation of elderly nursing home residents:
Unexplained cashing of checks or transfer of money from a resident’s account;
Unexpected or sudden changes in the resident’s deed, will, or trust;
Changes in the resident’s number of bank accounts or banking companies;
Sudden change of the resident’s credit score;
Unexplained disappearance of the resident’s cash or other personal property;