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November 99 Newsletter
Wise Guys
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What is Financial Abuse?
Misuse of money, property or other assets by a relative or person in
a position of trust! For example:
- Stealing money or personal possessions
- Forcing or tricking a senior to sign pension checks or legal documents
- Misusing a Power of Attorney
- Pressuring a senior to provide services for no payment
- Forcing or tricking a senior into selling his or her property.
Financial abuse is often difficult to detect and frequently
occurs over a long period of time. When seniors are financially abuse, they are often
victims of other forms of mistreatment such as psychological or physical abuse or neglect.
What are the Signs of Financial Abuse?
- Sudden removal of large sums of money from a bank account
- Inability to pay bills, buy food or personal care items
- Fear or anxiety when discussing finances
- Visits by a family member only when check arrives
- Inaccurate or lack of knowledge of personal finances
- Unexpected revision of a will, or sudden sale of property
How can I Prevent Becoming a Victim of Financial Abuse?
- Maintain a network of friends and acquaintances
- Learn to recognize the signs of abuse
- Be informed of personal assets, including property, bank accounts and possessions
- Keep money in a bank, not in your home
- Have pension checks deposited directly into bank account
- Have Written repayment agreement before lending
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