Financial Abuse


What is financial abuse?

Elder abuse is not limited to physical and emotional forms of mistreatment. Also included in this broad term is financial abuse. By definition, financial abuse occurs when a trusted person takes advantage of a person’s elderliness by stealing his or her personal property. Within the nursing home setting, financial abuse typically refers to a staff member who steals a resident’s personal property or who gathers information for the purpose of withdrawing money from the resident’s bank account.

Financial abuse at a New York City nursing home can also take the form of pressure from a staff member, the intent behind such pressure being to make some type of unlawful gain from the resident. For example, a nursing home attendant might attempt to maliciously persuade or pressure an elderly resident to modify his or her will / deed / trust for the purpose of becoming the recipient of the resident’s financial possessions. In some cases, financial abuse can even take shape in the form of undue fees or charges that end up depriving the resident of substantial amounts of his or her income / savings.

Signs of Financial Abuse

Financial abuse can easily go unnoticed for long periods of time. Unlike physical abuse, financial abuse is often much easier to conceal because there are no bruises, broken bones, or other types of physical symptoms that would indicate the existence of an issue.

Sings of financial abuse include:

  • Loss(es) of personal property
  • Recent, out-of-character withdrawal from personal bank account
  • Frequent withdrawals from personal bank account
  • Revision to a will, deed, or trust
  • New loan or mortgage contract

Making a Financial Exploitation Claim in New York City

Nursing homes are held to high standards of care. When staff members abuse their “power” to take advantage of the residents who inhabit these facilities, legal action can be taken. If signs have led you to believe that your elderly loved one may be the victim of financial exploitation, the following steps should be taken as soon as possible:

  1. Speak to your loved one about the situation to verify the problem and confirm your suspicions
  2. Inform authorities such as local law enforcement
  3. File a complaint with the nursing home facility and with other agencies such as Adult Protective Services, Elder Protective Services, and / or the State Department of Social Services
  4. Consider moving your loved one to another facility
  5. Contact a nursing home abuse attorney from Greenberg & Stein, P.C.

To contact a New York City nursing home abuse lawyer at our office, call 888-411-3966 or fill out the free case evaluation form on our site.

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