Financial exploitation is a serious problem in Maryland and throughout the rest of the country. It can involve the misuse of an elder’s financial and physical property. Abuse of this kind can come from relatives, caregivers, neighbors and others. There are certain steps that you can take to avoid this kind of abuse.
What are examples of elder exploitation?
Elder law is an issue that you will need to pay closer attention to as you reach your senior years. You want to be sure that you can set your affairs in order and resist being exploited.
Financial exploitation can come in many forms. Someone can forge your name on checks, withdrawal slips and other documents that involve your financial or physical assets. If you are suffering from memory impairment, another person can coerce you to keep signing checks for them to cash.
An exploiter may try to threaten you into giving them money or signing over your property. They may attempt to do so by withholding food, shelter or medication. They may also drain your bank account by charging excessive fees for rent or caregiver services.
What can you do to thwart exploitation?
There are several steps that you can take in order to avoid being exploited as you grow older. You can set up an estate plan that governs how your property and assets will be divided after you pass.
You can also lay down specific rules that lay out your plans for elder care. It’s a good idea to have a professional review all of your financial plans to make sure that they are in good order. The more prepared you are in advance, the better chance you will have to avoid being exploited.