What is elder financial abuse?

Elder financial abuse is the illegal or improper use of the funds, assets, or property of an elderly person for another individual’s gain. It can range from taking small amounts of money for personal use to using large amounts of money for fraudulent investments or scams. Elder financial abuse is especially common in the state of Utah, where there is a large elderly population. In Utah, elderly individuals can face financial exploitation from a variety of sources. This includes family members, caregivers, and even strangers who are out to take advantage of the elderly person’s age and vulnerability. Elder financial abuse can include unauthorized or fraudulent transactions, such as taking out loans or withdrawing money from the elderly person’s bank account. Sometimes, a caregiver or family member may use an elderly person’s funds to pay for their own needs, such as housing or food expenses. Elder financial abuse is a serious problem in Utah and it is important for anyone concerned about the financial security of an elderly person to be aware of the signs and risks associated with this form of exploitation. If you suspect that an elderly person you know is being abused financially, contact the Utah Department of Human Services or the Utah Attorney General’s office. You may also want to speak with an attorney who specializes in elder law to get advice about what legal remedies may be available.

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