What is elder financial abuse?

Elder financial abuse is a type of elder abuse that involves taking money, property or other assets from a vulnerable elderly person. Elder financial abuse is the most common type of elder abuse in Delaware, with the majority of perpetrators being family members, caregivers, or other individuals in positions of trust. Financial exploitation of the elderly includes scams, frauds, and other deceptive practices that target vulnerable senior citizens. It could involve someone taking advantage of an elderly person, who is unable to make decisions for themselves, and taking advantage of their financial resources. Common examples of elder financial abuse may include misusing power of attorney, taking out a loan or making changes to a will without consent, or persuading an elderly person to sign documents or agree to a financial transaction that isn’t in their best interest. Victims of elder financial abuse may experience long-term financial and emotional suffering and may be less able to make a full recovery. To help protect elderly individuals from elder financial abuse, Delaware has established a number of programs and laws, including the Delaware Elder Abuse Prevention Program, which assists victims of financial exploitation. It is important to be aware of the signs of elder financial abuse and to always report any instances of elder financial abuse to local authorities.

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