Florida Elder Law Blog - A blog by Elder Law Associates, South Florida's premier elder law attorneys, who handle elder law, medicaid planning, guardianships and much, much more.
Financial exploitation is the illegal or improper use of another individual’s resources for personal profit or gain. This type of exploitation encompasses a broad range of conduct, from deception to intimidation. If you think you've been exploited, please contact a qualified Florida Elder Law Attorney.
Ways to Prevent Exploitation: Stay Socially Active
Social isolation increases your risk of becoming a victim of abuse. Become familiar with the many programs in your community designed to bring people together and to help elderly people and their families.
Get to Know Your Banker, Attorney, and Financial Consultant
Establish relationships with the professionals who handle your money. They can help detect changes in your financial activity that may signal a problem.
Don’t Give Away Property
Before you enter into an agreement for lifelong care, discuss the arrangement with a trusted friend or advisor. Document the agreement and specify the compensation, if there is any, paid to the caregiver. If there is someone helping you with your personal finances, get a trusted third party to review your bank statement.
Understand What You Are Signing
Before you assign a power of attorney, be sure you understand the scope of the agreement and the authority you are giving to your agent. Know the person to whom you are giving this authority. Also, specify the compensation, if any, to be paid to your agent.
Be Cautious of Joint Accounts
Both parties are equal owners of the account and both have equal access to the funds in the account.
Document Financial Arrangements
By putting financial arrangements in writing, you not only protect yourself but you also reduce the likelihood of legal proceedings. Put all financial instructions in writing and be specific. Keep complete financial records of all transactions. Put all financial documents in a safe place.
Ask For Help
Financial matters can be confusing. If you have questions or need assistance, ask for help from your bank, a trusted family member, clergy member, social worker or other professional.
Other helpful tips include:
· Use Direct Deposit for your checks.
· Don’t sign blank checks allowing another person to fill in the amount.
· Don’t leave money or valuables in plain view.
· Don’t sign anything you don’t understand.
· Protect your money. The bank may be able to protect your money by arranging your accounts to control access to your funds.
· Be aware of scams. If it sounds too good to be true, it probably is.
· Don’t give anyone your ATM PIN number, and cancel your ATM card immediately if it is stolen.
· Check your bank statements carefully for unauthorized withdrawals.
· Be cautious of joint accounts.
· Build good relationships with your professionals who handle your money.
To report Elder Financial Abuse, Neglect, or Exploitation, please call the Adult Protective Services Abuse Hotline at (800) 962-2873.
Labels: Florida Elder Care, florida elder law, Florida Elder Law Attorney
