Older adults living in nursing homes or otherwise depending on caregivers are vulnerable to abuse. In addition to physical and emotional abuse from caregivers, older adults are at risk of financial abuse.
Caregivers can engage in numerous types of financial misconduct, some of which can have devastating consequences for older adults. In some cases, an aging loved one’s complaints about missing valuables could be the only warning sign of ongoing caregiver financial abuse.
Missing items might be a sign of theft
People tend to become more forgetful as they age. It is easy for an older adult to place a valuable object in a specific location for safekeeping, only to later forget what they stored where. Unfortunately, some people acting as caregivers leverage that confusion and forgetfulness for personal benefit.
They claim ignorance while misappropriating valuables from the people in their care. They may take small, highly-valuable items such as jewelry or cash. They may view this as safer than other forms of financial abuse, such as the misuse of a credit card. After all, misusing financial resources directly leaves a paper trail.
Sneaking high-value items out of a home to sell them online or to a pawn shop may not leave any traceable evidence. Family members may need to vet caregivers and keep an inventory of valuable assets so that they can quickly validate claims that certain assets are missing.
Family members who have recognized warning signs of financial abuse of an elder may need to intervene. Taking legal action against those who steal from older adults can hold them accountable and diminish the harm their misconduct causes their family.
