When families place their loved ones in nursing homes, they hope for compassionate care and a safe environment. However, one significant but less visible threat is financial exploitation. This type of abuse involves the unauthorized or improper use of an elderly person’s funds, property, or assets, often by someone in a position of trust.

How Financial Exploitation Occurs

Financial abuse can take many forms, including outright theft, coercion to change wills or beneficiaries, forged signatures, unauthorized bank withdrawals, or the improper use of a resident’s credit cards. Sometimes, trusted staff members, other residents, or even outside scammers can manipulate or deceive seniors, who may not be able to monitor their finances as closely as before.

Warning Signs to Watch For

Family members and loved ones should remain vigilant for red flags, such as:

• Sudden changes in bank account balances or financial habits
• Unexplained withdrawals or transfers
• Missing personal belongings or cash
• Changes in legal documents like wills, deeds, or power of attorney
• Unpaid bills or notices despite having adequate funds
• Isolation from family or friends, sometimes orchestrated by an abuser

Steps to Prevent Financial Abuse

1. Stay Involved: Regular visits and communication help residents feel supported and less isolated, making them less vulnerable to abusers.
2. Monitor Finances: Set up online access to financial accounts so that a trusted family member can watch for unusual activity.
3. Educate Your Loved One: Encourage open conversations about financial safety and help them recognize common scams.
4. Secure Valuables: Ensure that valuable items and documents are safely stored and inventoried.
5. Legal Safeguards: Consider establishing a power of attorney or placing assets in a trust to limit access.

What to Do If You Suspect Exploitation

If you notice signs of financial abuse, act quickly:

• Report concerns to nursing home management and request an internal investigation.
• Contact Adult Protective Services or your state’s long-term care ombudsman.
• Notify the local police if you suspect theft or fraud.
• Consult with an elder law attorney to explore legal remedies and recovery of stolen assets.

Conclusion

Financial exploitation is a serious threat to the dignity and security of nursing home residents. By staying vigilant and informed, families can help protect their loved ones and hold abusers accountable. Ensuring financial safety is just as important as providing quality physical and emotional care.